Bill > HR4803

This bill, the Personalized Care Act of 2023, aims to expand and improve health savings accounts (HSAs). The key provisions include: 1. Broadening HSA eligibility to individuals covered under various health plans, insurance, or government programs, as well as participants in health care sharing ministries. 2. Increasing the annual contribution limits for HSAs from $2,250 to $10,800 for individuals and from $4,500 to $29,500 for families, with annual cost-of-living adjustments starting in 2024. 3. Allowing the use of HSA funds to pay for health plan and health insurance premiums, as well as certain medical care service arrangements, such as periodic fees for a defined set of medical services. 4. Treating periodic provider fees and amounts paid to health care sharing ministries as qualified medical expenses eligible for HSA reimbursement. 5. Restoring the lower 10% penalty for non-qualified HSA distributions. The overall goal of the bill is to provide individuals with greater flexibility and options in managing their healthcare expenses through the expanded use of HSAs.