Summary: H.R.5596 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.5596. Bill summaries are authored by CRS.

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Introduced in House (01/14/2020)

Personalized Care Act of 2020

This bill revises provisions relating to health savings accounts (HSAs), including to

  • redefine eligible individual for HSA purposes to allow increased participation in HSAs,
  • increase the limit on contributions to HSAs,
  • permit the payment of health insurance premiums from HSAs,
  • include within the definition of qualified medical expenses periodic fees paid for medical services and amounts paid by a member of a health care sharing ministry,
  • treat periodic provider fees as deductible medical expenses,
  • allow payment of over-the-counter medicines or drugs from HSAs, and
  • lower the 20% penalty for nonqualified distributions from HSAs to 10%.