United States 116th Congress Status: In Committee Bipartisan · 2 R · 1 D cosponsors

HR 5958 — Senior Health Planning Account Act

Last action — Referred to the House Committee on Ways and Means.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

In plain language

The bill creates tax-exempt accounts for seniors to manage health care expenses using proceeds from life insurance sales.

H.R. 5958 proposes to establish Senior Health Planning Accounts that allow seniors to fund health care expenses with proceeds from the sale of life insurance. Contributions to these accounts would be tax-exempt, provided they meet specific conditions.

What this means for you
  • Seniors: This means you can use funds from life insurance sales to help cover your health care costs without tax penalties.

Summary

Senior Health Planning Account Act This bill allows tax-exempt senior health planning accounts that are funded using a taxpayer's gains from the sale or assignment of a life insurance contract. The bill excludes from gross income (1) the gains that are contributed to the accounts, and (2) distributions from the accounts that are used exclusively for the health care expenses of the account beneficiary or the account beneficiary's spouse.

Bill Text

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the Subcommittee on Health.

  4. Referred to the House Committee on Ways and Means.

Sponsors

Sponsorship breakdown

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1 sponsors · 2 co-sponsors · 544 not signed on

Sponsors (1)

Co-sponsors (2)

Not signed on (544)

544 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

taxation healthcare
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Frequently asked questions

What does HR 5958 do?
Senior Health Planning Account Act This bill allows tax-exempt senior health planning accounts that are funded using a taxpayer's gains from the sale or assignment of a life insurance contract. The bill excludes from gross income (1) the gains that are contributed to the accounts, and (2) distributions from the accounts that are used exclusively for the health care expenses of the account beneficiary or the account beneficiary's spouse.
Who sponsors HR 5958?
HR 5958 is sponsored by Higgins, Brian (Democratic), Steube, W. Gregory (Republican), and Holding, George (Republican).
What is the current status of HR 5958?
This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 5958?
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