Posted Sunday, May 16, 2021
The Senate and House of Representatives introduced a bill that would allow health savings account (HSA) funds to be spent on home care services.
U.S. Senators Sinema (D-AZ), Portman (R-OH), Rubio (R-FL), Carper (D-DE) and Representative Porter (D-CA) along with 20 of her House colleagues as original cosponsors have introduced the Homecare for Seniors Act, which will allow individuals over 65 the ability to use savings from their tax-free health savings accounts (HSAs) for qualified homecare expenses that supports seniors with activities of daily living.
HSAs provide individuals a pre-tax opportunity to save for medical expenses. Currently seniors who retire with an HSA are not allowed to use those savings for home care expenses, such as assistance with meals, personal care, or medication. These types of critical services ensure that seniors can remain in their homes and receive the support they need. The legislation would allow disbursements of health savings account (HSA) funds to be eligible for qualified home care services. Specifically, those services include assistance for activities of daily living.
To be considered “qualified home care” a minimum of three of the specified services must be contracted for.
“The National Association for Home Care & Hospice (NAHC) supports this important legislation and encourages Congress to continue to find innovative ways to help people receive care in their homes,” said NAHC president William A. Dombi
Source: NAHC Report
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