Health Care Savings Account Act of 1992

Summary

Health Care Savings Account Act of 1991 - Amends the Internal Revenue Code to allow employees and employers, including self-employed individuals, a 60 percent tax credit for contributions to a health care savings account for the benefit of the employee or self-employed individual. Limits total contributions to an account to the aggregate amount of hospital insurance tax paid with respect to the account beneficiary. Describes conditions that must be met by the account. Excludes from the gross income of the beneficiary any account contributions made by an employer. Exempts an account from taxation (except for the tax on unrelated business income of a charitable organization) unless the distributee engages in specified transactions in connection with it. Excludes from gross income any account distributions used to pay the eligible medical expenses of the beneficiary or qualifying spouse. Imposes a ten percent surtax on account distributions used for other than health care purposes or made before the distributee is aged 65 or older. Imposes penalty taxes in connection with: (1) excess contributions or prohibited transactions associated with an account; (2) distributions from an account that reduce a distributee's account level below a specified amount; and (3) failure to effect spousal rollover of an account upon the spouse's death. Imposes penalties for failure to make required reports concerning an account. Amends title XVIII (Medicare) of the Social Security Act to reduce the Medicare benefits of a health care savings account beneficiary by 60 percent of the maximum amount of Medicare-related expenditures that could be reasonably underwritten (by an insurance company) for the average Medicare beneficiary, given certain assumptions. Establishes special rules for individuals who cannot obtain insurance to cover their added deductible at the standard premium rates. Directs the Secretary of Health and Human Services to establish rules in connection with recalculations of deductibles when a qualifying spouse becomes eligible for Medicare. Establishes catastrophic health care expense protection for certain individuals who qualify for Medicare and have met specified contribution requirements with respect to one or more health care savings accounts. Describes conditions under which a qualifying spouse becomes eligible for this protection.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 31 July 1992

   Introduced

   Referred to the House Committee on Energy and Commerce.

   Source: IntroReferral

2. 31 July 1992

   Introduced

   Introduced in House

   Source: IntroReferral

3. 31 July 1992

   Introduced

   Introduced in House

   Source: IntroReferral

4. 26 August 1992

   Referred

   Referred to the Subcommittee on Health and the Environment.

   Source: Committee

5. 8 September 1992

   Referred

   Referred to the Subcommittee on Health.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · undated · Official file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 31 July 1992

  Open at official source

Sponsors

• Rep. McCandless, Alfred A. (Al) [R-CA-37] · R · Sponsor
• · hswm00 · Standing
• · hsif00 · Standing

Related records

• related to → Health Care Savings Account Act of 1991