Health Savings Account Availability Act

Health Savings Account Availability Act - (Sec. 2) Amends the Internal Revenue Code to allow a limited deduction (to both itemizers and nonitemizers) for contributions to health savings accounts (accounts for medical expenses for anyone, except those with an individual deductible under $500 or $1,000 for a family). Provides for cost-of-living adjustments to such amounts. Exempts such accounts, and distributions from such accounts, from taxation.

Subjects employers making contributions to such accounts to an excise tax, if they do not make comparable contributions on behalf of all employees.

(Sec. 3) Allows up to $500 of unused health benefits in cafeteria plans and flexible spending arrangements to be carried forward to the next year, contributed to a health savings account, or contributed to a qualified retirement plan.

(Sec. 4) Exempts flexible spending arrangements and health reimbursement arrangements treated as employer-provided coverage from information reporting requirements related to certain health arrangements.