This post was written by Hannie Spitzack, HSA Sales Relationship Manager.
In an ever-changing landscape of laws and regulations, it is important to stay ahead and be aware of any potential changes affecting Health Savings Accounts (HSAs).
There are two bills that the U.S. House of Representatives recently passed. These bills look to enhance and expand the use of HSAs.
Bill HR 6199: The Restoring Access to Medications and Modernizing Health Savings Accounts Act of 2018
Bill HR 6199, the Restoring Access to Medications and Modernizing Health Savings Accounts Act of 2018, would allow people to use their HSA dollars to pay for gym memberships, certain sports equipment, and some over-the-counter medications (limit of up to $500 a year for an individual and $1,000 a year for joint return). This bill would also give spouses more of an opportunity to contribute to their partner’s HSA.
HR 6311: Increasing Access to Lower Premium Plans and Expanding Health Savings Accounts Act of 2018
The second bill is HR 6311, Increasing Access to Lower Premium Plans and Expanding Health Savings Accounts Act of 2018. The bill would allow the maximum contribution to an HSA to increase.
Under the current law, if both spouses are HSA eligible and are 55 or older, they must open their own HSA account for their “catch-up” contributions. Under the new bill, both spouses would be allowed to make catch-up contributions to the same HSA account.
This bill would also allow working seniors to contribute to an HSA and it would allow for flexible savings account balances to be carried over. The Affordable Care Act’s health insurance tax would also be delayed for another two years under this bill.
Find Out More
BPAS can help employers and brokers stay informed of the changes that are affecting HSAs. If you have questions about these bills or want to learn more about our Roadways HSA, you can email [email protected] or call 1-866-401-5272.