Increased Health Savings and New Health Insurance Options
This act raises contribution limits for Health Savings Accounts (HSAs), allowing individuals to save more for medical expenses. It also expands the eligible uses of HSA funds to include a wider range of services, such as direct primary care arrangements, vitamins, supplements, gym memberships, and fitness trackers. Furthermore, it introduces new rules for forming health marketplace pools, potentially increasing access to health plans.
Key points
Increased contribution limits for Health Savings Accounts (HSAs), allowing you to save more money for future medical expenses.
Expanded use of HSA funds for a broader range of products and services, including vitamins, dietary supplements, gym memberships, and wearable fitness trackers.
Facilitation of health marketplace pools, potentially leading to more health insurance options for citizens.
Introduction of bankruptcy protections for HSAs, similar to retirement funds, enhancing the security of your health savings.
Allows HSA rollovers to a child or parent of the account holder upon death, simplifying the inheritance of these funds.
Introduced
Citizen Poll