Bill 119 s 276, also known as the Health Savings Account Expansion Act, aims to make changes to the Internal Revenue Code of 1986 in order to enhance and broaden the use of health savings accounts (HSAs).
The bill proposes several key provisions, including increasing the annual contribution limits for HSAs, allowing individuals to use HSA funds to pay for over-the-counter medications without a prescription, and permitting spouses who are both eligible for HSAs to make catch-up contributions to the same account.
Additionally, the bill seeks to expand the types of health insurance plans that are eligible for HSA contributions, such as high deductible health plans and catastrophic health plans. It also includes provisions to allow individuals to use HSA funds to pay for certain medical expenses before meeting their deductible.
Overall, the Health Savings Account Expansion Act aims to provide individuals with more flexibility and options when it comes to managing their healthcare expenses. It is designed to promote savings for future medical costs and encourage individuals to take control of their healthcare decisions.