Summary: S.2980 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for S.2980. Bill summaries are authored by CRS.

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Introduced in Senate (05/25/2016)

Health Savings Account Expansion Act of 2016

This bill amends the Internal Revenue Code to modify the requirements for health savings accounts (HSAs). The bill modifies the requirements to:

  • increase the maximum contribution amounts,
  • permit the use of HSAs to pay health insurance premiums and direct primary care expenses,
  • repeal the restriction on using HSAs for over-the-counter medications,
  • eliminate the requirement that a participant in an HSA be enrolled in a high deductible health care plan, and
  • decrease the additional tax for HSA distributions not used for qualified medical expenses.