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Bill > S3112


US S3112

Personalized Care Act of 2019


summary

Introduced
12/19/2019
In Committee
12/19/2019
Crossed Over
Passed
Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

A bill to amend the Internal Revenue Code of 1986 to expand and improve health savings accounts, and for other purposes. This bill revises provisions relating to health savings accounts (HSAs), including to redefine eligible individual for HSA purposes to allow increased participation in HSAs, increase the limit on contributions to HSAs, permit the payment of health insurance premiums from HSAs, include within the definition of qualified medical expenses periodic fees paid for medical services and amounts paid by a member of a health care sharing ministry, treat periodic provider fees as deductible medical expenses, allow payment of over-the-counter medicines or drugs from HSAs, and lower the 20% penalty for nonqualified distributions from HSAs to 10%. .

AI Summary

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.

Committee Categories

Budget and Finance

Sponsors (4)

Last Action

Read twice and referred to the Committee on Finance. (on 12/19/2019)

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