WEAR IT Act

The WEAR IT Act (HR 6279) allows individuals to use funds from tax-advantaged health savings accounts (HSAs), Archer MSAs, and flexible spending accounts (FSAs) to cover the cost of medical wearable devices, up to $375 annually. It defines "wearable devices" as body-worn tools that collect physiological data for diagnosing, treating, or preventing disease. The bill amends tax code provisions to include these devices as qualified medical expenses, effective for purchases after December 31, 2023. This directly affects people using medical wearables who rely on tax-advantaged health accounts for out-of-pocket costs.