The Health Out-of-Pocket Expense Act establishes tax-exempt savings accounts for individuals to cover their medical expenses. This bill aims to help people manage healthcare costs more effectively.
If you have medical expenses, you could save money by using a tax-exempt HOPE Account.
Who this affects
Individuals · Families
What changes is this bill making?
1This bill creates special savings accounts for medical expenses called HOPE Accounts.
2Contributions to HOPE Accounts are tax-exempt, meaning they won't be taxed as income.
3Funds in these accounts can only be used for qualified medical expenses.
4The bill sets rules for how these accounts must be managed and reported.
5Trustees of these accounts must ensure funds are used properly and fees are reasonable.
