Bill 119 HR 548, also known as the Health Savings Account (HSA) Modernization Act, aims to make changes to the Internal Revenue Code of 1986 in order to update and improve health savings accounts.
The bill proposes several key changes to HSAs, including increasing the annual contribution limits for individuals and families, allowing for catch-up contributions for individuals over the age of 55, and expanding the list of eligible medical expenses that can be paid for using HSA funds.
Additionally, the bill seeks to simplify the process for individuals to use their HSA funds by allowing for direct payment of medical expenses from the account, rather than requiring reimbursement. It also includes provisions to allow for the use of HSA funds to pay for certain over-the-counter medications and menstrual care products.
Overall, the goal of Bill 119 HR 548 is to modernize and improve the functionality of health savings accounts, making them more accessible and user-friendly for individuals looking to save for and pay for medical expenses.