This bill expands Health Savings Accounts (HSAs) by removing the requirement that individuals must be enrolled in a high-deductible health plan to use them, allowing anyone with any type of health insurance coverage to open and contribute to an HSA. The bill also significantly increases the annual contribution limits for HSAs, raising the individual limit from $2,250 to $8,600 and the family coverage limit from $4,500 to $17,100 starting in 2025. These changes would affect millions of Americans who use HSAs or could potentially use them for healthcare savings, particularly those with traditional or low-deductible health plans who are currently ineligible. The legislation includes cost-of-living adjustments to the new contribution limits beginning in 2026. The bill contains no specific funding provisions, as the changes primarily affect tax-advantaged savings accounts and would take effect for tax years beginning after December 31, 2024.
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