Health Savings Accounts are sometimes criticized as being a tool for the wealthy, but 78% of the over 31 million Americans with an HSA have a household income of less than $100,000.
Twenty years ago this December, President George W. Bush signed the bipartisan Medicare Prescription Drug, Improvement and Modernization Act of 2003. In addition to creating the Medicare Part D prescription drug benefit, the bill created the Health Savings Account . Health Savings Accounts are sometimes criticized as being a tool for the wealthy, but in fact, 78% of the over 31 million Americans with an HSA have a household income of less than $100,000.
The bill would also allow individuals to save more money every year for their health expenses. The proposal would double the amount of money Americans can contribute to HSAs from $3,850 for individuals and $7,750 for families to $7,500 and $15,000, respectively. The HSA improvement Act would also empower individuals to gain access to innovative new health care arrangements. Under current law, the IRS prohibits HSA funds from being used for direct primary care expenses.
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