Bill to Expand HSAs

The Health Savings Act of 2023 (S. 1158) would expand health savings accounts in several ways. If enacted, it would allow both spouses age 55 and older to make catch-up contributions to the same account (currently each spouse must have a separate HSA). It would also allow funds in HSAs to be used to purchase insurance and pay for nutritional supplements, membership at a fitness facility, and exercise equipment. And it would increase the tax-deductible contribution limit to match the out-of-pocket limit for HSA-eligible health plans. #IdeaoftheDay