H.R. 5709 would change federal tax law to allow people aged 65 and older who are entitled to Medicare Part A to contribute to health savings accounts (HSAs), accounts that let workers set aside pre-tax money for medical expenses. Currently, Medicare beneficiaries are generally prohibited from making HSA contributions, but this bill would remove that restriction for those who qualify for Medicare Part A based on age. The change would apply starting in 2024 and would affect millions of seniors who currently participate in HSAs or might want to start contributing to them after turning 65. The bill does not specify any new government spending or funding requirements, as it primarily addresses tax code eligibility rules. The legislation was introduced in September 2023 and referred to the House Committee on Ways and Means.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.