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The HOPE Act of 2024 establishes Health Out-of-Pocket Expense (HOPE) Accounts, a new tax-advantaged savings account designed to help individuals pay qualified medical expenses. Eligible individuals with minimum essential health coverage can contribute up to $4,000 annually (or $8,000 for family coverage) to these accounts, with contributions from certain low-income individuals excluded from gross income. Distributions used for qualified medical expenses are tax-free, while non-qualified distributions are subject to income tax and a 20% penalty. The accounts cannot be used in conjunction with health savings accounts, flexible spending arrangements, or health reimbursement arrangements in the same month.
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