Under OBBBA, there is now more flexibility for holders of Health Savings Accounts (HSAs).Namely, the definition of what qualifies as a High Deductible account that is eligible for an HSA has expanded. This will allow more people to access, contribute to and use these accounts. As I have mentioned in previous writings, I love HSAs and I wish more people would utilize them. Having greater access to them is a great thing in my opinion.
OBBBA also started new accounts for newborns, known as Trump Accounts. First there is a pilot program that will be running for years 2025-2027.Parents of children will be able to elect to have a $1000 credit paid into an account for their minor children if they are born is one of these years. Also, since there is often a desire from parents to want to jumpstart retirement savings for their kids and take advantage of the power of compounding investment returns, parents have the option of opening and funding a Trump account for their minor children up until they turn 18.
This starts in July 2026 with an annual contribution of $5,000 that will be indexed to inflation going forward. It is important to note that these contributions are not tax deductible. However, the money will be able to grow tax-deferred. Also, employers will have the ability to contribute to these accounts for the children of their employees as a benefit. Currently there are limits to how these funds can be invested (it appears primarily in US focused index funds). Money cannot be withdrawn from these accounts for the beneficiaries until they reach age 18. There are also quite a few details regarding these accounts that require clarification. Look for that to be coming in the next few months.
https://www.irs.gov/newsroom/one-big-beautiful-bill-act-of-2025-provisions