S.403 - Health Savings Act of 2017115th Congress (2017-2018)
|Sponsor:||Sen. Hatch, Orrin G. [R-UT] (Introduced 02/15/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 02/15/2017 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.403 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (02/15/2017)
Health Savings Act of 2017
This bill amends the Internal Revenue Code, with respect to health savings accounts (HSAs), to:
- rename high deductible health plans as HSA-qualified health plans;
- allow spouses who have both attained age 55 to make catch-up contributions to the same HSA;
- make Medicare Part A (hospital insurance benefits) beneficiaries eligible to participate in an HSA;
- allow individuals eligible for hospital care or medical services under a program of the Indian Health Service or a tribal organization to participate in an HSA;
- allow members of a health care sharing ministry to participate in an HSA;
- allow individuals who receive primary care services in exchange for a fixed periodic fee or payment, or who receive health care benefits from an onsite medical clinic of an employer, to participate in an HSA;
- include amounts paid for prescription and over-the-counter medicines or drugs as "qualified medical expenses" for which distributions from an HSA or other tax-preferred savings accounts may be used;
- increase the limits on HSA contributions to match the sum of the annual deductible and out-of-pocket expenses permitted under a high deductible health plan; and
- allow HSA distributions to be used to purchase health insurance coverage.
The bill also: (1) amends the federal bankruptcy code to exempt HSAs from creditor claims in bankruptcy, and (2) amends the Social Security Act to reauthorize Medicaid health opportunity accounts.
The bill allows a medical care tax deduction for: (1) exercise equipment, physical fitness programs, and membership at a fitness facility; (2) nutritional and dietary supplements; and (3) periodic fees paid to a primary care physician and amounts paid for pre-paid primary care services.