Bill > S3112

This bill, known as the Personalized Care Act of 2019, aims to expand and improve health savings accounts (HSAs). Key provisions include: - Redefining an "eligible individual" for HSA purposes to allow increased participation, including those covered by group or individual health plans, short-term limited duration plans, government plans like Medicare and Medicaid, and health care sharing ministries. - Increasing the annual contribution limits for HSAs, from $2,250 to $10,800 for self-only coverage and from $4,500 to $29,500 for family coverage. - Allowing the payment of health insurance premiums, including for health plans described in the bill, from HSA funds. - Treating periodic fees paid for medical services and amounts paid to health care sharing ministries as qualified medical expenses that can be paid from HSAs. - Allowing over-the-counter medicines and drugs to be purchased with HSA funds. - Lowering the penalty for non-qualified distributions from HSAs from 20% to 10%. The bill is intended to provide individuals and families with more flexibility and options for managing their healthcare expenses through HSAs.

Budget and Finance

https://www.congress.gov/bill/116th-congress/senate-bill/3112/all-info