Health Savings Account Expansion Act of 2016

This bill amends the Internal Revenue Code to modify the requirements for health savings accounts (HSAs). The bill modifies the requirements to:

• increase the maximum contribution amounts,
• permit the use of HSAs to pay health insurance premiums and direct primary care expenses,
• repeal the restriction on using HSAs for over-the-counter medications,
• eliminate the requirement that a participant in an HSA be enrolled in a high deductible health care plan, and
• decrease the additional tax for HSA distributions not used for qualified medical expenses.