H.R.1270 - Restoring Access to Medication and Improving Health Savings Act of 2016114th Congress (2015-2016)
|Sponsor:||Rep. Jenkins, Lynn [R-KS-2] (Introduced 03/04/2015)|
|Committees:||House - Ways and Means|
|Committee Reports:||H. Rept. 114-308|
|Committee Prints:||H.Prt. 114-60|
|Latest Action:||Senate - 07/11/2016 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 550. (All Actions)|
|Roll Call Votes:||There has been 1 roll call vote|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.1270 — 114th Congress (2015-2016)All Information (Except Text)
Passed House amended (07/06/2016)
Restoring Access to Medication and Improving Health Savings Act of 2016
This bill amends the Internal Revenue Code to modify the rules that apply to health savings accounts (HSAs) and overpayments of subsidies under the Patient Protection and Affordable Care Act.
Restoring Access to Medication Act of 2016
The bill repeals provisions of the Internal Revenue Code, as added by the Patient Protection and Affordable Care Act, that limit payments for medications from HSAs, medical savings accounts, and health flexible spending arrangements to only prescription drugs or insulin (thus allowing distributions from such accounts for over-the-counter drugs).
Health Care Security Act of 2016
The bill modifies the rules for HSAs with respect to catch-up contributions for married couples, medical expenses incurred before an HSA is established, and contribution limits.
If both spouses of a married couple have family coverage under a high deductible health plan, each spouse may make catch-up contributions to the same HSA. (Catch-up contributions are additional contributions which individuals who are at least 55 years of age may make to an HSA.)
If an HSA is established within 60 days of the beginning of coverage under a high deductible health plan, any distribution from the HSA used to pay a qualified medical expense incurred during that 60-day period after the health coverage began is excludible from gross income. (Under current law, the medical expense must be incurred on or after the date that the HSA is established.)
The bill increases the maximum contribution limits for HSAs to equal the maximum for the sum of the annual deductible and out-of-pocket expenses that may be required to be paid for covered benefits under a high deductible health plan.
Protecting Taxpayers by Recovering Improper Obamacare Subsidy Overpayments Act
The bill eliminates the limitation on the increase in tax imposed upon certain low-income families for advance payments of the tax credit for health insurance premium assistance that exceed the allowable amount of such credit.