# Health Savings Freedom Act of 2022

This bill makes three major changes to Health Savings Accounts (HSAs), which are special savings accounts that let people set aside money tax-free to pay for medical expenses. Right now, HSAs come with strict rules about who can use them and how much they can contribute. This bill loosens those rules significantly.

The first change raises how much money people can put into these accounts each year. Currently, individuals can contribute $2,250 annually and families can contribute $4,500. The bill would increase those limits to $6,000 for individuals and $16,000 for families. This means people could save more money tax-free for healthcare costs. The second change removes a major requirement: currently, you can only use an HSA if you have a high-deductible health insurance plan (a plan where you pay more out-of-pocket before insurance kicks in). This bill eliminates that requirement entirely, allowing anyone with any type of health insurance to open and use an HSA. This is a significant expansion because it would let people with traditional insurance plans also benefit from tax-free health savings.

The third change expands what counts as a qualified medical expense that you can pay for with HSA money. The bill adds over-the-counter medicines and drugs to the list, as well as menstrual products like tampons and pads. It also allows HSA funds to be used for a parent's long-term care expenses. These changes mean people would have more flexibility in what healthcare costs they can cover with their tax-advantaged savings. Overall, the bill makes HSAs available to more people, lets them save more money, and gives them more options for how to spend it.

Health Savings Freedom Act of 2022

Van Duyne, Beth

Health Savings Freedom Act of 2022 This bill revises health savings account (HSA) provisions to (1) increase the limit on contributions to such accounts for individuals and families, (2) eliminate the requirement to maintain high deductible coverage as a condition of eligibility for participation in such accounts, and (3) expand the definition of qualified medical expenses for purposes of HSAs to include medicine and drugs and certain long-term care expenses.