Bill > HR6577

This bill amends the Internal Revenue Code to allow seniors who are only enrolled in Medicare Part A (hospital insurance) to contribute to health savings accounts (HSAs). Currently, individuals enrolled in Medicare are typically prohibited from contributing to HSAs, which are tax-advantaged savings accounts designed to help people pay for medical expenses. The bill specifically changes the existing tax code to exempt individuals over 65 who have Medicare Part A coverage from this restriction, enabling them to continue contributing to HSAs if they are not enrolled in other parts of Medicare. This change would provide more financial flexibility for working seniors who want to save for medical expenses while maintaining their Medicare Part A hospital insurance. The amendment would take effect for taxable years beginning after December 31, 2024, giving time for implementation and preparation. By removing this barrier, the bill aims to support seniors' ability to manage their healthcare costs and savings.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/6577/all-info