Personalized Care Act of 2023

Personalized Care Act of 2023

This bill revises provisions relating to health savings accounts (HSAs), including to

• redefine eligible individual for HSA purposes to allow increased participation in HSAs,
• increase the limit on contributions to HSAs,
• permit the payment of health insurance premiums from HSAs,
• include within the definition of qualified medical expenses periodic fees paid for medical services and amounts paid by a member of a health care sharing ministry,
• treat periodic provider fees as deductible medical expenses, and
• lower the 20% penalty for nonqualified distributions from HSAs to 10%.

Bill 118 HR 4803, also known as the Personalized Care Act of 2023, aims to improve the quality and accessibility of healthcare for individuals in the United States. The bill focuses on personalized care, which tailors medical treatment to the specific needs and preferences of each patient.

One key aspect of the bill is the promotion of telehealth services, which allow patients to receive medical care remotely through technology such as video calls and messaging. This is especially important for individuals in rural or underserved areas who may have difficulty accessing traditional healthcare facilities.

Additionally, the Personalized Care Act seeks to expand the use of electronic health records (EHRs) to improve coordination of care among healthcare providers. By ensuring that all medical professionals have access to a patient's complete medical history, the bill aims to reduce medical errors and improve overall health outcomes. The bill also includes provisions to increase funding for research on personalized medicine, which uses genetic and other information to tailor treatment plans to individual patients. This research has the potential to revolutionize healthcare by providing more effective and targeted treatments for a wide range of conditions. Overall, the Personalized Care Act of 2023 is focused on improving the quality and accessibility of healthcare for all Americans by promoting personalized care, expanding telehealth services, enhancing EHR use, and supporting research on personalized medicine.