Tax Free Health Savings Act of 2006

H.R. 5262, the Tax Free Health Savings Act of 2006, proposes to expand the tax benefits and flexibility associated with High Deductible Health Plans (HDHPs) and Health Savings Accounts (HSAs). The bill would allow individuals to deduct their health insurance premiums from their taxes and provide a refundable tax credit to help cover the costs of high-deductible coverage. Additionally, it would increase the maximum contribution limits for HSAs and allow these accounts to be used more flexibly, including using funds to pay for insurance premiums and integrating them with other employer-sponsored health arrangements.