Bill > HR317

This bill amends the Internal Revenue Code to rename Health Savings Accounts (HSAs) as "Health Freedom Accounts" and expand their accessibility and usage. The bill removes restrictions on who can contribute to these accounts, allowing all individuals to take tax deductions for contributions, regardless of previous eligibility requirements. The contribution limit is increased to $12,000 per year (or $24,000 for joint returns), with an additional $5,000 allowed for individuals over 55 years old. The bill also broadens the definition of "qualified medical expenses" to include direct primary care, health care sharing ministries, and medical cost sharing organizations. Employers can contribute to these accounts tax-free for employees hired five or more years after the bill's enactment, and existing rules about rollover contributions and account transfers are modified to provide more flexibility. Individuals can now transfer funds between Health Freedom Accounts within 60 days without tax penalties. The changes aim to provide more individuals with greater control over their healthcare spending and increase the versatility of health-related savings accounts.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/317/all-info