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Health Savings Accounts For All Act of 2020

USA116th CongressS-4367| Senate 
| Updated: 7/29/2020
Rand Paul

Rand Paul

Republican Senator

Kentucky

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline
Jul 29, 2020
Introduced in Senate
Jul 29, 2020
Read twice and referred to the Committee on Finance.
Aug 14, 2020

Latest Companion Bill Action

HR 116-8032
Introduced in House
  • July 29, 2020
    Introduced in Senate


  • July 29, 2020
    Read twice and referred to the Committee on Finance.


  • August 14, 2020

    Latest Companion Bill Action

    HR 116-8032
    Introduced in House

Taxation

Related Bills

  • HR 116-8032: Health Savings Accounts For All Act of 2020

Health Savings Accounts For All Act of 2020

USA116th CongressS-4367| Senate 
| Updated: 7/29/2020
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jul 29, 2020
Introduced in Senate
Jul 29, 2020
Read twice and referred to the Committee on Finance.
Aug 14, 2020

Latest Companion Bill Action

HR 116-8032
Introduced in House
  • July 29, 2020
    Introduced in Senate


  • July 29, 2020
    Read twice and referred to the Committee on Finance.


  • August 14, 2020

    Latest Companion Bill Action

    HR 116-8032
    Introduced in House
Rand Paul

Rand Paul

Republican Senator

Kentucky

Finance Committee

Taxation

Related Bills

  • HR 116-8032: Health Savings Accounts For All Act of 2020
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted