Personalized Care Act of 2020

Personalized Care Act of 2020

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,
• allow payment of over-the-counter medicines or drugs from HSAs, and
• lower the 20% penalty for nonqualified distributions from HSAs to 10%.

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