110-H.R.2639

To amend the Internal Revenue Code of 1986 to modify the rules with respect to health savings accounts and medical savings accounts, and for other purposes.

6/11/2007--Introduced.

Promoting Health for Future Generations Act of 2007 - Amends the Internal Revenue Code to: (1) increase the tax deduction for contributions to health savings accounts (HSAs); (2) allow Medicare and veterans health care beneficiaries to establish and contribute to HSAs; (3) allow individuals age 50 or older (currently, age 55 or older) to make additional HSA contributions and to increase the allowable amount of such contributions; (4) treat Medicare supplemental insurance premiums as a tax deductible medical expense; (5) allow a new tax deduction for high deductible health plan premiums; (6) allow individual contributions to a Medicare Advantage medical savings account (MSA); (7) allow adult children of holders of HSAs and MSAs to inherit such accounts; and (8) allow MSA funds to be used for wellness and fitness programs.

Amends title XVIII (Medicare) of the Social Security Act to allow MSAs to provide preventive care without requiring a deductible for expenses relatedto such care.

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