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Technical Explanation of H.R. 2596, the "Health Savings and Affordability Act of 2003," as Passed by the House of Representatives on June 26, 2003

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Technical Explanation of H.R. 2596, the "Health Savings and Affordability Act of 2003," as Passed by the House of Representatives on June 26, 2003

by United States Congress Joint

About this title: OCLC Number: 54505551 Excerpt: ...Explanation of Provision In general The provision creates health savings accounts ( " HSAs " ) and health savings security accounts ( " HSSAs " ) which provide tax-favored treatment for current medical expenses as well as the ability to save on a tax-favored basis for future medical expenses. In general, HSAs and HSSAs are tax-exempt trusts or custodial accounts created exclusively to pay for the qualified medical expenses of the account holder and his or her spouse and dependents that are subject to 15 rules similar to those applicable to individual retirement arrangements. Unless otherwise provided, the following description applies to both HSAs and HSSAs ( jointly referred to as " health accounts " ). Within limits, contributions to health accounts are deductible if made by an eligible individual and are excludable from gross income and wages for employment tax purposes if made by the employer of an eligible individual. In the case of HSSAs only, family members may make nondeductible contributions on behalf of an eligible individual. Distributions from health accounts for qualified medical expenses are not includible in gross income. Distributions that are not for qualified medical expenses are includible in gross income and subject to an additional 15 percent tax. The additional 15 percent tax does not apply after death, disability, or the individual attains the age of Medicare eligibility ( i.e., age 65 ). Eligible individuals HSAs Eligible individuals for HSAs are individuals who are covered by a high deductible health plan and no other health plan that is not a high deductible health plan. Individuals entitled to benefits under Medicare are not eligible individuals. Eligible individuals do not include individuals who may be claimed as a dependent on another person's tax return. An individual with other coverage in addition to a high deductible health plan is still eligible for an HSA if such other coverage is certain ...

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