Elevating HSA Limits Act of 2023
12/19/2024, 9:06 AMSummary of Bill HR 5737
Bill 118 hr 5737, also known as the Elevating HSA Limits Act of 2023, is a piece of legislation currently being considered by the US Congress. The bill aims to increase the contribution limits for Health Savings Accounts (HSAs), which are tax-advantaged savings accounts that individuals can use to pay for qualified medical expenses.If passed, the bill would raise the annual contribution limits for HSAs to $10,000 for individuals and $20,000 for families. This would allow individuals and families to save more money tax-free for their healthcare expenses, providing them with greater financial flexibility and security.
Proponents of the bill argue that increasing HSA contribution limits would help individuals and families better manage their healthcare costs and save for future medical expenses. They believe that this would ultimately lead to lower healthcare costs and improved access to care for all Americans. Opponents of the bill, however, raise concerns about the potential impact on government revenue and the overall healthcare system. They argue that increasing HSA contribution limits could disproportionately benefit higher-income individuals and families, exacerbating existing inequalities in access to healthcare. Overall, the Elevating HSA Limits Act of 2023 is a significant piece of legislation that has the potential to impact the way individuals and families save for healthcare expenses. Its passage would represent a major change in healthcare policy and could have far-reaching implications for the US healthcare system.
Current Status of Bill HR 5737
Bill HR 5737 is currently in the status of Bill Introduced since September 26, 2023. Bill HR 5737 was introduced during Congress 118 and was introduced to the House on September 26, 2023. Bill HR 5737's most recent activity was Referred to the Subcommittee on Health. as of December 17, 2024Bipartisan Support of Bill HR 5737
Total Number of Sponsors
2Democrat Sponsors
0Republican Sponsors
2Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 5737
Primary Policy Focus
TaxationComments
Most relevant
Sponsors and Cosponsors of HR 5737
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