HR 8032 116th Congress House Taxation Bankruptcy Employee benefits and pensions Health care costs and insurance Income tax deductions Marriage and family status Prescription drugs Tax administration and collection, taxpayers Tax treatment of families Temporary and part-time employment

Health Savings Accounts For All Act of 2020

Introduced: August 14, 2020 Introduced by: Biggs, Andy Republican · Arizona See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Aug 14, 2020

Referred to the Committee on Ways and Means, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Aug 14, 2020

Introduced in House

Plain-English summary Congressional Research Service

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.