summary
Introduced
02/02/2021
02/02/2021
In Committee
02/02/2021
02/02/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to expand and improve health savings accounts, and for other purposes.
AI Summary
This bill, the Personalized Care Act of 2021, aims to expand and improve health savings accounts (HSAs) by:
1. Broadening HSA eligibility to individuals covered under any group or individual health plan, including short-term and medical indemnity plans, as well as government healthcare programs like Medicare, Medicaid, and TRICARE.
2. Increasing the annual contribution limits for HSAs to $10,800 for individuals and $29,500 for families.
3. Allowing HSA funds to be used for paying health insurance premiums, including premiums for plans described in the bill.
4. Treating periodic fees paid to physicians and prepaid medical services as qualified medical expenses that can be paid for with HSA funds.
5. Restoring the lower 10% penalty for non-qualified distributions from HSAs.
6. Allowing HSA funds to be used for expenses related to health care sharing ministries.
These changes are intended to provide more flexibility and options for individuals to save and use HSA funds for their personal healthcare needs.
Committee Categories
Budget and Finance
Sponsors (34)
Chip Roy (R)*,
Jim Banks (R),
Andy Biggs (R),
Dan Bishop (R),
Ted Budd (R),
Kat Cammack (R),
Ben Cline (R),
John Curtis (R),
Tom Emmer (R),
Pat Fallon (R),
Matt Gaetz (R),
Bob Gibbs (R),
Bob Good (R),
Mark Green (R),
Marjorie Taylor Greene (R),
Andy Harris (R),
Yvette Herrell (R),
Jody Hice (R),
Fred Keller (R),
Doug Lamborn (R),
Debbie Lesko (R),
Dan Meuser (R),
Greg Murphy (R),
Ralph Norman (R),
Gary Palmer (R),
Scott Perry (R),
Guy Reschenthaler (R),
David Rouzer (R),
Pete Sessions (R),
Victoria Spartz (R),
Tom Tiffany (R),
Beth Van Duyne (R),
Roger Williams (R),
Rob Wittman (R),
Last Action
Referred to the House Committee on Ways and Means. (on 02/02/2021)
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/117th-congress/house-bill/725/all-info |
| BillText | https://www.congress.gov/117/bills/hr725/BILLS-117hr725ih.pdf |
| Bill | https://www.congress.gov/117/bills/hr725/BILLS-117hr725ih.pdf.pdf |
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