Restoring Access to Medication and Improving Health Savings Act of 2016

Bill 114 hr 1270, also known as the Restoring Access to Medication and Improving Health Savings Act of 2016, aims to make it easier for individuals to access and afford necessary medications. The bill focuses on two main areas: improving access to health savings accounts (HSAs) and flexible spending accounts (FSAs), and allowing individuals to use these accounts to purchase over-the-counter medications without a prescription.

Under the bill, individuals would be able to use their HSA or FSA funds to purchase over-the-counter medications, such as pain relievers, allergy medications, and cold remedies, without needing a prescription from a doctor. This would make it more convenient for individuals to access these medications and potentially save them money on out-of-pocket costs.

Additionally, the bill would increase the contribution limits for HSAs, allowing individuals to save more money tax-free for medical expenses. This could help individuals better prepare for unexpected medical costs and potentially reduce their overall healthcare expenses. Overall, the Restoring Access to Medication and Improving Health Savings Act of 2016 aims to make it easier for individuals to access and afford necessary medications, while also promoting saving for future medical expenses.