Health Savings Act of 2018

Bill 115 hr 6314, also known as the Health Savings Act of 2018, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to expand the use of Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) to allow individuals to save and pay for medical expenses.

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 allowing spouses to make catch-up contributions to the same HSA account.

Additionally, the bill aims to expand the types of services that can be covered by HSAs and FSAs, such as direct primary care services and certain telehealth services. It also seeks to simplify the process for individuals to use their HSA funds by allowing for the use of debit cards for eligible expenses. Overall, the Health Savings Act of 2018 is designed to make it easier for individuals to save and pay for their medical expenses using HSAs and FSAs, ultimately promoting greater access to healthcare services and reducing out-of-pocket costs for individuals and families.