Trump's 'big beautiful' bill expands access to this 'powerful, yet underutilized' financial tool

Jim Watson | AFP | Getty ImagesNext year, more Americans will have access to a powerful financial tool

Embedded in President Donald Trump's sweeping budget bill are three visions that expand access to health savings accounts — the tax-advantaged accounts available to those enrolled in a high-deductible health plan

A flexible spending account, an HSA is funded through pre-tax dollars and can be used to cover medical costs throughout the year

Un an FSA, though, the money doesn't have a "use it or lose it" vision

Rather, the funds sit in an account you own and can take with you should you switch jobs

Another feature that sets HSAs apart: you can invest the money in the s of stocks, bonds or exchange-traded funds

And if you invest the money in these accounts rather than spending it on pressing health-care needs, that's where some serious advantages kick in, experts say. "An HSA is indeed one of the most powerful, yet underutilized, financial tools available, especially considering its unique triple tax advantage — contributions are tax-deductible, growth is tax-free and withdrawals for qualified medical expenses are also tax-free," Sean Lovison, a certified financial planner and founder of Purpose Built Financial Services, previously told CNBC Make It. "This feature positions HSAs not just as a tool for current medical expenses, but as a strategic component in long-term financial planning. "Now, more people can take advantage of these accounts than ever

Here's what's changing

You can't have any disqualifying health-care coverage, be enrolled in Medicare or be claimed as a dependent on someone else's tax return, among other requirements

Under the new bill, three kinds of people will become eligible for an HSA for whom rules had previously been either murky or hibitive

Everyone enrolled in bronze and catastrophic plansInsurance plans available on the Affordable Care Act marketplace generally fall into one of five : platinum, gold, silver, bronze and catastrophic

Generally, platinum plans have higher premiums and lower deductibles, and bronze and catastrophic plans (the latter are only available to people under 30 and some people with limited incomes) have lower premiums and higher deductibles

Until recently, enrollees in these plans were HSA-eligible on a case-by-case basis

The new bill makes anyone covered under a bronze or catastrophic plan eligible for an HSA

While catastrophic plans aren't widely used, 7. 2 million Americans are currently covered under bronze plans, according to the Centers for Medicare and Medicaid Services

People who use direct primary care servicesUnder the new law, people enrolled in direct primary care services are eligible for an HSA, vided that their coverage meets the other HDHP requirements

Under the DPC model, offered through viders such as One Medical, patients pay a recurring fee for a series of services that don't get billed to insurance — a convention that put it in a legal gray area when it came to HSA eligibility. "This is really more ing up an ambiguity issue rather than something that's going to be a paradigm shift for folks," says Jake Spiegel, senior re associate at the Employee Benefits Re Institute. "What the bill says is, you can do this and still contribute to an HSA, and that's totally OK

Some people who use telehealthUnder pandemic-era legislation, including the CARES Act, high-deductible plans could waive the deductible on telehealth services — regardless of whether they were preventative — and still qualify for HSA eligibility

Those rules lapsed at the end of last year, but the new bill reinstated them and made them permanent

That doesn't mean that high-deductible plans must offer telehealth services for enrollees to be eligible for an HSA

Rather, such plans cannot be excluded simply because they allow participants to receive telehealth without contributing toward the deductible

Are you ready to buy a house

Take Smarter by CNBC Make It's new online course How to Buy Your First

Expert instructors will help you weigh the cost of renting vs

Buying, financially prepare, and confidently navigate every step of the cess—from mortgage basics to closing the deal