Summary: S.4367 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.4367. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (07/29/2020)

Health Savings Accounts For All Act of 2020

This bill revises provisions relating to health savings accounts (HSAs). Specifically, the bill

  • repeals the annual limitation on tax-deductible contributions to HSAs by plan participants and their employers;
  • eliminates the requirement that an HSA participant must be enrolled in a high deductible health plan as a condition of eligibility;
  • expands qualified medical expenses to include prescription and over-the-counter drugs;
  • allows payments from HSAs for health insurance premiums;
  • allows payment of medical expenses incurred prior to the establishment of an HSA and correction of administrative errors prior to the due date of an applicable tax return;
  • allows a tax-free rollover of amounts in an HSA, upon the death of an account holder, to the account holder's child, parent, or grandparent; and
  • extends bankruptcy protections to HSAs on the same basis as tax-preferred retirement plans.