HSA substantiation bill passes House

July 2008
Employee Benefit News;Jul2008, Vol. 22 Issue 9, p1
The article reports on the passage of the Taxpayer Assistance and Simplification Act of 2008 by the U.S. house. The bill would require health savings account (HSA) trustees to report any unsubstantiated amount paid from the account in the preceding year. The measure would also prevent people from using tax-free HSA funds to pay for nonmedical expenses. Some industry observers argue that the bill was initially lobbied for by health care debit card provider Evolution Benefits, which now opposes the bill in its current form.


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