A bill to amend the Internal Revenue Code of 1986 to expand eligibility for health savings accounts, and for other purposes.

Bill 118 s 4771, also known as the Health Savings Account Expansion Act, aims to make changes to the Internal Revenue Code of 1986 in order to broaden the eligibility criteria for health savings accounts (HSAs).

The bill proposes to increase the maximum contribution limits for HSAs, allowing individuals to save more money tax-free for medical expenses. It also seeks to expand the types of expenses that can be covered by HSAs, including over-the-counter medications and certain preventive care services.

Additionally, the bill includes provisions to allow individuals who are enrolled in high deductible health plans to contribute to their HSAs even if they are also covered by a spouse's flexible spending account. This change would provide more flexibility for families to save for medical expenses. Overall, the Health Savings Account Expansion Act aims to make HSAs more accessible and useful for individuals and families looking to save for healthcare expenses. It is a bipartisan effort to improve healthcare affordability and flexibility for Americans.