The WEAR IT Act would allow Americans to use pre-tax health savings accounts, Archer Medical Savings Accounts, and flexible spending arrangements to purchase wearable health devices such as smartwatches and fitness trackers that monitor physiological data for disease prevention or treatment. The legislation caps the annual tax-free spending on these devices at $375 per person per year across all qualified health accounts. This change would affect individuals with employer-sponsored health plans and self-employed people who have set aside money in these tax-advantaged accounts, making health-monitoring technology more affordable by allowing purchases with untaxed dollars. The bill would take effect for purchases made after December 31, 2023, and does not require specific funding since it operates through the existing tax code framework.
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