The government could expand Health Savings Accounts (HSAs) by increasing annual contribution limits and allowing broader use for medical expenses, including over-the-counter medications and wellness programs. Expanding eligibility to include people on all health plans, not just high-deductible ones, would increase accessibility. Additionally, allowing HSA funds to cover premiums for health insurance or long-term care would make HSAs a more flexible tool. Tax incentives for employers contributing to HSAs could also boost participation.
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It would be nice to have the ability to use the HSA to pay premiums for health insurance as is allowed for Medicare.