HSA For All: Eliminating HDHP Requirement and Expanding Health Savings Account Use.
This bill changes Health Savings Accounts (HSAs) by removing the requirement to be enrolled in a High Deductible Health Plan (HDHP). This allows individuals to open and contribute to an HSA, regardless of their current insurance coverage. Furthermore, the law increases contribution limits and expands the list of eligible expenses to include wellness items like gym memberships and supplements.
Key points
HSA Eligibility for Everyone: The mandatory link to High Deductible Health Plans (HDHPs) is removed, making HSAs available to individuals regardless of insurance type.
Higher Contribution Limits: Annual contribution maximums are increased to match limits under section 402(g).
New Eligible Expenses: HSA funds can now be used for gym memberships, vitamins, dietary supplements, and wearable fitness trackers.
Bankruptcy Protection: HSAs receive the same protection from creditors in bankruptcy proceedings as retirement funds (IRAs).
Introduced
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