What does Preamble of Great American Healthcare Plan do?

This bill, formally titled 'To amend the Internal Revenue Code of 1986 to increase the limitations on contributions to health savings accounts, to amend the Public Health Service Act to provide for hospital and insurer price transparency, and for other purposes,' aims to modify existing laws. The bill proposes amendments to the Internal Revenue Code of 1986 concerning health savings accounts. It also proposes amendments to the Public Health Service Act related to hospital and insurer price transparency.

What does SHORT TITLE. of Great American Healthcare Plan do?

This bill is formally titled the Health Savings Accounts For All Act of 2026

What does INCREASE IN CONTRIBUTION LIMITATIONS. of Great American Healthcare Plan do?

This section amends section 223 of the Internal Revenue Code of 1986, related to contribution limitations for retirement plans. It modifies the calculation of contribution limits, referencing amounts under sections 402(g) and 414(v)(2). The section introduces an additional contribution allowance for individuals aged 50 or older. Several paragraphs within section 223 are struck, redesignated, or amended to align with the changes. Conforming amendments are made to sections 223(d)(1) and 223(g)(1) of the Internal Revenue Code. Amendments are also made to sections 26(b)(2)(S) and 408(d)(9)(C)(i)(I) of the Internal Revenue Code. The changes apply to taxable years beginning after the date of enactment of this Act.

What does FREEDOM FROM MANDATE. of Great American Healthcare Plan do?

This section amends the Internal Revenue Code of 1986, specifically Section 223. Subsections (c) and (g) of Section 223 are struck, and subsections (d), (e), (f), and (h) are redesignated. Conforming amendments are made to various sections of the Internal Revenue Code. The amendments apply to taxable years beginning after the date of the enactment of this Act.

What does AMOUNTS PAID FOR HEALTH INSURANCE OR DIRECT PRIMARY CARE of Great American Healthcare Plan do?

This section amends section 223(c) of the Internal Revenue Code of 1986. It modifies the definition of amounts paid for health insurance to include arrangements providing primary care coverage for a fixed fee. Subparagraphs (B) and (C) of section 223(c)(2) are struck, and subparagraph (D) is redesignated as (B). The definition of 'dependent' is expanded to include children under 27 who have not attained that age before the end of the individual's taxable year. Sections 220(d)(2)(A) and 106(f) of the Internal Revenue Code are amended to reference the revised section 223(c)(2)(B). The amendments in subsections (a) and (b) apply to amounts paid after the enactment of this Act, for taxable years beginning after such date. The technical amendments in subsection (c) apply to taxable years beginning after the enactment of this Act.

What does SPECIAL RULE FOR CERTAIN MEDICAL EXPENSES INCURRED BEFORE of Great American Healthcare Plan do?

This section amends the Internal Revenue Code of 1986 regarding health savings accounts. Certain medical expenses incurred before the establishment of a health savings account are treated as qualified. The amendment applies to taxable years beginning after the date of the enactment of this Act.

What does ADMINISTRATIVE ERROR CORRECTION BEFORE DUE DATE OF RETURN. of Great American Healthcare Plan do?

This section amends paragraph (4) of section 223(e) of the Internal Revenue Code of 1986. It creates an exception to the application of subparagraph (A) if a payment or distribution is made to correct an administrative, clerical, or payroll contribution error. The exception applies if the distribution is received by the individual on or before the last day prescribed by law for filing their return, including extensions. The distribution must also be accompanied by the amount of net income attributable to the contribution. Any net income received will be included in the individual’s gross income for the taxable year.

What does ALLOWING HSA ROLLOVER TO CHILD OR PARENT OF ACCOUNT HOLDER. of Great American Healthcare Plan do?

This section amends the Internal Revenue Code of 1986 to allow HSA rollover to a child, parent, or grandparent of the account holder. The amendment applies to taxable years beginning after the date of the enactment of this Act. A child who acquires a beneficiary's interest in an HSA may have the account treated as their own if a deduction is allowable to another taxpayer for that child.

What does COVERAGE FOR AMOUNTS PAID FOR HEALTHY FOOD, VITAMINS, DIETARY of Great American Healthcare Plan do?

This section amends section 223(c) of the Internal Revenue Code of 1986 to include certain wellness expenses as qualified medical expenses for health savings accounts (HSAs). Qualified wellness expenses include amounts paid for healthy food, vitamins, dietary supplements, and qualified sports and fitness expenses. The amount of wellness expenses that qualify for HSA treatment is capped monthly based on the HSA balance: $100 for balances under $5,000, $150 for balances between $5,000 and $10,000, and $200 for balances exceeding $10,000. Healthy food is defined by reference to criteria in Title 21 of the Code of Federal Regulations. Qualified sports and fitness expenses include memberships at fitness facilities, participation or instruction in physical exercise, and equipment used in physical activity programs, including wearable fitness trackers. A 'fitness facility' must provide instruction or facilities for physical fitness and cannot be a private club offering golf, hunting, sailing, or riding. Videos, books, and similar materials are considered qualified sports and fitness expenses if they provide instruction in physical exercise. Equipment must be utilized exclusively for fitness, exercise, sport, or other physical activity to qualify.

What does EQUIVALENT BANKRUPTCY PROTECTIONS FOR HEALTH SAVINGS ACCOUNTS of Great American Healthcare Plan do?

This section amends Section 522 of title 11, United States Code Health savings accounts are treated like individual retirement accounts The amendment applies to cases commencing after the enactment date