IVF with HSAs Act of 2024 Increasing Value for Families with HSAs Act of 2024
Impact
The amendments proposed in HB9141 will specifically impact tax law regarding health care financing in the United States. This bill would remove the restriction that currently limits HSAs to individuals with high deductible health plans, thus allowing a wider range of insurance products to qualify. The increase in HSA contribution limits—from $2,250 to $8,600 for individuals and from $4,500 to $17,100 for family coverage—aims to provide greater financial flexibility and incentives for individuals to save for health-related expenses. These changes could encourage more individuals to utilize HSAs as a savings tool for medical care.
Summary
House Bill 9141, also known as the 'Increasing Value for Families with HSAs Act of 2024', seeks to amend the Internal Revenue Code to expand the eligibility criteria for health savings accounts (HSAs). This bill proposes that any individual with health insurance coverage can be considered an eligible individual for HSA purposes, thereby broadening access to these financial vehicles. The intent behind this legislation is to enhance the usage of HSAs, reflecting a belief that increased access will promote better health care and more savings for individuals and families.
Contention
While the purpose of HB9141 is to increase family savings and broad access to HSAs, there are discussions around the implications of such changes. Some critics express concern that easing access to HSAs without accompanying measures might benefit higher-income individuals disproportionately, as they may be more likely to contribute higher amounts. Furthermore, opponents of restricted eligibility argue that the financial benefits could potentially diminish funding or efficacy for public health programs that help lower-income families who do not engage with HSAs. These differing viewpoints highlight the potential for ongoing debate regarding the equity of health care finance in the U.S.
Freedom for Families Act This bill modifies requirements for health savings accounts (HSAs) to (1) exclude from gross income HSA distributions paid or distributed during a period of qualified caregiving, (2) allow participation in an HSA without enrollment in a high deductible health plan, and (3) increase the contribution limit for HSAs.