HSA Modernization Act

This bill makes several changes to health savings accounts (HSAs), which are special accounts people use to save money for medical expenses. It roughly doubles how much money people can put into their HSAs each year — for example, raising the limit for individual coverage from $4,300 to $8,300 in 2025. It also lets more people use HSAs, including veterans receiving VA care without a service-connected disability, people using Indian Health Service, Medicare Part A enrollees age 65 and older, and people with certain lower-cost insurance plans from the health insurance marketplace. Additionally, the bill allows HSA money to be used for long-term care expenses and lets high-deductible health plans cover up to $500 in mental health services before a person meets their deductible.

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