Promoting Health for Future Generations Act of 2014

To amend the Internal Revenue Code of 1986 to allow increased contributions to health savings accounts, to allow Medicare and VA healthcare participants to contribute to health savings accounts, and for other purposes. 1. Short title This Act may be cited as the Promoting Health for Future Generations Act of 2014 2. Increase in HSA contribution limitation (a) In general Subsection (b) of section 223 (1) by striking $2,250 the amount in effect under subsection (c)(2)(A)(ii)(I) (2) by striking $4,500 the amount in effect under subsection (c)(2)(A)(ii)(II) (b) Conforming amendment Paragraph (1) of section 223(g) of such Code is amended by striking subsections (b)(2) and subsection (c) Effective date The amendments made by this section shall apply to contributions for taxable years beginning after December 31, 2014. 3. Medicare and VA healthcare enrollees eligible to contribute to HSA (a) In general (1) Subsection (b) of section 223 (2) Subsection (c) of section 223 of such Code (relating to definitions and special rules) is amended by adding at the end the following new paragraph: (6) Special rule for individuals entitled to benefits under Medicare or enrolled for health benefits from VA In the case of an individual— (A) (i) who is entitled to benefits under title XVIII of the Social Security Act, and (ii) with respect to whom a health savings account is established in a month before the first month such individual is entitled to such benefits, or (B) (i) who is enrolled in the patient enrollment system established by the Secretary of Veterans Affairs pursuant to section 1705 (ii) with respect to whom a health savings account is established in a month before the first month such individual is enrolled in such system, such individual shall be deemed to be an eligible individual. . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2014. 4. Allowing MSA and HSA rollover to adult child of account holder (a) MSAs (1) Subparagraph (A) of section 220(f)(8) (A) by inserting or adult child surviving spouse (B) by inserting or adult child, as the case may be, the spouse (C) by inserting or adult child spouse (2) Paragraph (8) of section 220(f) of such Code is amended by adding at the end the following new subparagraph: (C) Adult child For purposes of this paragraph, the term adult child (i) who is a child of the deceased individual, and (ii) with respect to whom a deduction under section 151 would not be allowable to another taxpayer for a taxable year beginning in the calendar year in which such individual’s taxable year begins. . (b) HSAs (1) Subparagraph (A) of section 223(f)(8) of such Code (relating to treatment after death of account beneficiary) is amended— (A) by inserting or adult child surviving spouse (B) by inserting or adult child, as the case may be, the spouse (C) by inserting or adult child spouse (2) Paragraph (8) of section 223(f) of such Code is amended by adding at the end the following new subparagraph: (C) Adult child For purposes of this paragraph, the term adult child . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2014.

Summary: Promoting Health for Future Generations Act of 2014 -  Amends the Internal Revenue Code, with respect to health savings accounts (HSAs), to: (1) increase the contribution limitation for such accounts, (2) allow Medicare beneficiaries and participants in health care programs administered by the Veterans Administration (VA) to enroll in and contribute to such accounts, and (3) allow adult children of deceased holders of Archer Medical Savings Accounts and HSAs to receive tax-free rollovers of remaining amounts in such accounts.