WASHINGTON, DC – Congressman Bill Huizenga (MI-02) released the following statement after introducing the Health Freedom for Seniors Act, legislation allowing seniors to roll the required minimum distribution from their retirement accounts directly into a health savings account tax free.
“Currently, those who reach age 70 1/2 must begin taking a ‘required minimum distribution’ from their IRAs, 401(k)s and other retirement accounts,” Huizenga said. “This is not an elective distribution and presently the accounts must be drawn down, regardless of whether the taxpayer has other funds with which to support themselves. The Health Freedom for Seniors Act provides seniors with a commonsense alternative. Seniors could roll the ‘required minimum distribution’ into a health savings account, tax-free, allowing them to plan and save for future medical expenses, while further increasing the influence and decision-making they have over their own treatment and care.”
