What Did Congress Do on HSA?

It's important to stay informed about changes in legislation that impact healthcare savings accounts (HSAs). Congress plays a vital role in shaping the rules and regulations surrounding HSAs, often implementing new policies to help individuals save for their medical expenses. So, what exactly has Congress done regarding HSAs?

Well, one of the most significant actions taken by Congress concerning HSAs was the introduction of the HSA Improvement Act. This legislation aimed to enhance the benefits and flexibility of HSAs, making them more accessible and useful for a wider range of individuals. Some of the key provisions of the HSA Improvement Act include:

• Increasing the contribution limits for HSAs
• Expanding the list of qualified medical expenses
• Allowing individuals to use HSA funds to purchase over-the-counter medications without a prescription

In addition to the HSA Improvement Act, Congress has also made other changes to HSAs over the years to promote their use and effectiveness. These changes include:

• Allowing individuals aged 55 and older to make catch-up contributions to their HSAs
• Implementing policies to make it easier for individuals to rollover funds from FSAs and HRAs into HSAs
• Clarifying the rules surrounding HSA eligibility and contributions

Overall, Congress has taken several steps to improve HSAs and make them a more attractive option for individuals looking to save for healthcare expenses. By staying informed about these legislative changes, individuals can make the most of their HSA benefits and ensure they are maximizing their healthcare savings.

It's crucial to keep ourselves updated about the important changes in legislation that affect Health Savings Accounts (HSAs). Over the years, Congress has undertaken significant roles in enhancing the rules and regulations governing HSAs, introducing new policies that empower individuals to save effectively for their medical needs.