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S 1247 104th Congress Senate

Family Medical Savings and Investment Act of 1995

Official title: A bill to amend the Internal Revenue Code of 1986 to allow a deduction for contributions to a medical savings account by any individual who is covered under a catastrophic coverage health plan.

Introduced: September 15, 1995 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
Taxation Catastrophic health insuranceEconomics and Public FinanceEmployee health benefitsExcise tax
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Federal employeesFinance and Financial SectorFines (Penalties)Flexible benefit plansGovernment Operations and PoliticsGovernment employees' health insuranceGovernment paperworkHealthIncome taxIndexing (Economic policy)Labor and EmploymentLawLossesMedical savings accountsSocial WelfareSocial security taxesTax deductionsTax exclusionTax penaltiesTrusts and trusteesWithholding tax
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This bill died when the 104th Congress ended
It never became law before the 104th Congress (1995–1996) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 15, 1995
Read twice and referred to the Committee on Finance.
Sep 15, 1995
Sponsor introductory remarks on measure. (CR S13660-13661)
Sep 15, 1995
Introduced in Senate
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 Latest action September 15, 1995

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service

Family Medical Savings and Investment Act of 1995 - Amends the Internal Revenue Code to allow an individual covered under a catastrophic health plan a deduction in an amount equal to the amount paid by the individual to such individual's medical savings account not to exceed the lesser of: (1) $2,500; or (2) the catastrophic health plan deductible. Allows the deduction whether or not the individual itemizes deductions. Excludes employer-provided coverage under an accident or health plan from the gross income of an employee.

Amends Federal law to allow a Government contribution to be made under the Federal Employees Health Benefits program for both a medical savings account and a catastrophic health plan.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 1247: Family Medical Savings and Investment Act of 1995. 104th Congress. Open America. https://openamerica.io/bill/104-S-1247/
MLA
"S. 1247: Family Medical Savings and Investment Act of 1995." 104th Congress, 2026, Open America, https://openamerica.io/bill/104-S-1247/.
Bluebook (legal)
S. 1247, 104th Cong. (2026), https://openamerica.io/bill/104-S-1247/.
Markdown link
[S. 1247: Family Medical Savings and Investment Act of 1995](https://openamerica.io/bill/104-S-1247/)
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