summary
Introduced
01/14/2020
01/14/2020
In Committee
01/14/2020
01/14/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
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, the Personalized Care Act of 2020, aims to expand and improve health savings accounts (HSAs). Key provisions include:
1. Redefining "eligible individual" for HSA purposes to allow increased participation, including those covered by group or individual health plans, short-term plans, government plans like Medicare and Medicaid, and health care sharing ministries.
2. Increasing the annual contribution limits for HSAs to $10,800 for individuals and $29,500 for families.
3. Allowing the use of HSA funds to pay for health insurance premiums, periodic medical service fees, and amounts paid to health care sharing ministries.
4. Treating periodic provider fees for defined sets of medical services as qualified medical expenses that can be paid for with HSA funds.
5. Expanding the definition of qualified medical expenses to include over-the-counter medicines and drugs, and reducing the penalty for non-qualified distributions from HSAs from 20% to 10%.
The overall goal of the bill is to provide individuals and families with more flexibility and options in managing their healthcare costs through enhanced HSA provisions.
Committee Categories
Budget and Finance
Sponsors (27)
Chip Roy (R)*,
Andy Biggs (R),
Dan Bishop (R),
Ted Budd (R),
Ben Cline (R),
John Curtis (R),
Jeff Duncan (R),
Matt Gaetz (R),
Bob Gibbs (R),
Louie Gohmert (R),
Lance Gooden (R),
Vicky Hartzler (R),
Jody Hice (R),
Mike Johnson (R),
Fred Keller (R),
Doug Lamborn (R),
Mark Meadows (R),
Alex Mooney (R),
Greg Murphy (R),
Ralph Norman (R),
John Ratcliffe (R),
Denver Riggleman (R),
David Roe (R),
Steve Watkins (R),
Roger Williams (R),
Ron Wright (R),
Ted Yoho (R),
Last Action
Referred to the House Committee on Ways and Means. (on 01/14/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/5596/all-info |
| BillText | https://www.congress.gov/116/bills/hr5596/BILLS-116hr5596ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr5596/BILLS-116hr5596ih.pdf.pdf |
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