Contribution Opportunities for United Partners with Limit Expansions in a Single HSA

Bill 118 hr 5607, also known as the Contribution Opportunities for United Partners with Limit Expansions in a Single HSA, aims to expand the contribution limits for Health Savings Accounts (HSAs) for married couples who are both eligible individuals.

Currently, the contribution limit for HSAs is set at $7,200 for family coverage. However, this bill seeks to increase the limit to $9,000 for married couples who are both eligible individuals. This means that both spouses can contribute up to $4,500 each to their HSA, totaling $9,000.

The purpose of this bill is to provide more flexibility and opportunities for married couples to save for their healthcare expenses. By increasing the contribution limit, it allows couples to save more money tax-free for medical expenses, ultimately providing them with greater financial security and peace of mind. Overall, Bill 118 hr 5607 aims to support and empower married couples to take control of their healthcare costs and plan for their future medical needs. It is a step towards improving access to affordable healthcare options and promoting financial wellness for American families.