Health Savings Account Expansion Act of 2016

Health Savings Account Expansion Act of 2016

This bill amends the Internal Revenue Code to modify the requirements for health savings accounts (HSAs). The bill modifies the requirements to:

• increase the maximum contribution amounts,
• permit the use of HSAs to pay health insurance premiums and direct primary care expenses,
• repeal the restriction on using HSAs for over-the-counter medications,
• eliminate the requirement that a participant in an HSA be enrolled in a high deductible health care plan, and
• decrease the additional tax for HSA distributions not used for qualified medical expenses.