Bill > S153

This bill, the Personalized Care Act of 2021, seeks to expand and improve health savings accounts (HSAs) in several ways. It broadens the definition of "eligible individuals" who can contribute to an HSA to include those covered under a wider range of health plans, including short-term and medical indemnity plans. The bill also significantly increases the annual contribution limits for HSAs, from $2,250 to $10,800 for individuals and from $4,500 to $29,500 for families. Additionally, the bill allows HSA funds to be used to pay for a wider range of medical expenses, including periodic fees for physician services and health care sharing ministry contributions. Finally, the bill restores the lower 10% penalty for non-qualified HSA distributions.