Detailed Summary

Family and Retirement Health Investment Act of 2008 - Amends Internal Revenue Code provisions relating to health savings accounts (HSAs) to: (1) permit holders of HSAs and their spouses who are age 55 or older to make an additional (catch-up) contribution to a joint HSA; (2) allow Medicare beneficiaries to continue to contribute to HSA accounts after reaching age 65 and to make contributions to medical savings accounts; (3) permit veterans with service-connected disabilities and Native Americans to contribute to an HSA regardless of utilization of Department of Veteran Affairs (VA) medical services or Indian Health Service or tribal medical services; (4) allow increased rollovers from flexible spending arrangements or health reimbursement arrangements into HSAs; (5) permit the payment of Medicare premiums for a spouse on Medicare from an HSA even though the HSA account holder is not age 65; (6) allow the payment of medical expenses from an HSA as long as the HSA is established by the tax return due date in the following taxable year; (7) expand the definition of "preventive care" to include medications that prevent the worsening of a chronic condition; and (8) treat as medical care for tax deduction and HSA purposes payments for exercise and physical fitness programs and certain nutritional and dietary supplements, up to $1,000 per year, and the payment of fees paid in advance to a primary physician for the right to receive medical services on an as-needed basis.

Status of the Legislation

Latest Major Action: 9/26/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

Points in Favor

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Points Against

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