S. 4367 · 116th Congress
Health Savings Accounts For All Act of 2020
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
PaulSponsorNo cosponsors.
This bill revises provisions relating to health savings accounts (HSAs). Specifically, the bill
What it does: CRS summary · Introduced in Senate · Jul 29, 2020
Health Savings Accounts For All Act of 2020
This bill 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Health Savings Accounts For All Act of 2020
Latest action (Jul 29, 2020): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jul 29, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.