Health Savings Act Reintroduced

Senator Marco Rubio (R-FL), along with several cosponsors have reintroduced the Health Savings Act. The legislation was first introduced by Senator Rubio in 2017. Representative Jake LaTurner, (R-KS) has introduced a companion bill in the House (H.R. 2959). The legislation would, among other things:

  • allow both spouses that are age 55 or older to make catch-up contributions to the same health savings account (HSA) under family coverage;
  • allow working seniors and their employers to continue contributing to an HSA after reaching the Medicare eligibility age of 65;
  • allow HSA funds to be used for health insurance premiums;
  • allow dollars spent on certain prescription and over-the-counter medicines or drugs to be included as preventive care for “qualified medical expense” purposes from the HSA;
  • allow HSA funds to be used to pay for alternatives to insurance like direct primary care arrangements; and
  • allow qualified HSA funding distributions from a health flexible spending arrangement or health reimbursement arrangement directly to an HSA, within a certain amount.