Health Savings Accounts For All Act of 2020

HB 8032 Health Savings Accounts For All Act of 2020

US Congress 116th Congress

Health Savings Accounts For All Act of 2020
HB-8032


About HB-8032

Revises provisions relating to health savings accounts (HSAs). Specifically, the bill repeals the annual limitation on tax-deductible contributions to HSAs by plan participants and their employers; eliminates the requirement that an HSA participant must be enrolled in a high deductible health plan as a condition of eligibility; expands qualified medical expenses to include prescription and over-the-counter drugs; allows payments from HSAs for health insurance premiums; allows payment of medical expenses incurred prior to the establishment of an HSA and correction of administrative errors prior to the due date of an applicable tax return; allows a tax-free rollover of amounts in an HSA, upon the death of an account holder, to the account holder's child, parent, or grandparent; and extends bankruptcy protections to HSAs on the same basis as tax-preferred retirement plans.

  

Bill Texts

Introduced 09/03/2020

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History

Introduced In House

08/14/2020

Referred To The Committee On Ways And Means, And In Addition To The Committee On The Judiciary, For A Period To Be Subsequently Determined By The Speaker, In Each Case For Consideration Of Such Provisions As Fall Within The Jurisdiction Of The Committee Concerned.

08/14/2020