Family and Retirement Health Investment Act of 2011

Summary

Family and Retirement Health Investment Act of 2011 - Amends the Internal Revenue Code, with respect to health savings accounts (HSAs), to allow: (1) both spouses to make increased catch-up contributions to the same HSA; (2) Medicare Part A beneficiaries to establish and contribute to an HSA; (3) veterans eligible for service-connected disability benefits and individuals eligible for Indian health service assistance to establish an HSA; (4) individuals eligible to receive benefits under certain TRICARE plans to establish an HSA; (5) a carryforward of unused benefits, up to $500, in a flexible spending arrangement; (6) payments from an HSA for prescription and over-the-counter medicine or drugs; (7) the use of HSAs to purchase certain health insurance coverage and long-term care insurance; and (8) payment of certain medical expenses incurred before the establishment of an HSA. Amends the bankruptcy code to treat HSAs as tax-exempt individual retirement accounts (IRAs) for purposes of exempting them from creditor claims. Reauthorizes the use of Medicaid health opportunity accounts. Treats as medical care for purposes of the tax deduction for medical expenses certain exercise equipment and physical fitness programs, nutritional and dietary supplements, and periodic fees paid to a primary physician, physician assistant, or nurse practitioner. Repeals provisions of the Patient Protection and Affordable Care Act that impose annual limitations on deductibles for health plans offered in the small group market.

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Timeline

1. 26 May 2011

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 26 May 2011

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 26 May 2011 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 26 May 2011

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 26 May 2011

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 26 May 2011

  Open at official source

Sponsors

• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• Sen. Rubio, Marco [R-FL] · R · Sponsor
• Rep. Inhofe, James M. [R-OK-1] · R · Cosponsor
• Rep. Kyl, Jon [R-AZ-4] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Family and Retirement Health Investment Act of 2011
• related to → Patient Centered Healthcare Savings Act of 2011