Health Savings Accounts For All Act of 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.