Bill 115 hr 6305, also known as the Bipartisan HSA Improvement Act of 2018, is a piece of legislation introduced in the US Congress. The bill aims to make improvements to Health Savings Accounts (HSAs) in order to provide individuals with more flexibility and options for managing their healthcare expenses.
One key provision of the bill is the increase in the annual contribution limit for HSAs. Currently, individuals can contribute up to $3,450 per year to their HSA, while families can contribute up to $6,900. The Bipartisan HSA Improvement Act of 2018 seeks to raise these limits to $6,650 for individuals and $13,300 for families.
Additionally, the bill includes provisions to allow individuals who are eligible for Medicare to continue contributing to their HSA. Under current law, individuals who enroll in Medicare are no longer able to contribute to their HSA. The Bipartisan HSA Improvement Act of 2018 would change this, allowing individuals to continue making contributions to their HSA even after enrolling in Medicare.
The bill also includes provisions to allow for the use of HSA funds to cover certain over-the-counter medications and expenses related to direct primary care arrangements. These changes aim to give individuals more flexibility in how they use their HSA funds to cover healthcare expenses.
Overall, the Bipartisan HSA Improvement Act of 2018 seeks to make HSAs more accessible and flexible for individuals, providing them with additional options for managing their healthcare expenses. The bill has garnered bipartisan support in Congress and is currently under consideration for passage.