Bill Could Throw HSA Money to the Dogs (and Cats)

Two House members want to make health savings account and flexible spending account cash available to Americans’ fur babies.

Rep. Claudia Tenney, R-N.Y., last week introduced H.R. 9508, the People and Animals Well-being Act of 2024.

If the bill is passed and implemented as written, a taxpayer could classify up to $1,000 in veterinary care expenses per year as “amounts paid for medical care.” The change would let a taxpayer use up to $1,000 in HSA or FSA cash per year to pay pet health care bills and $1,000 per year to pay for pet health insurance.

The bill has at least some bipartisan appeal: Rep. Deborah Ross, D-N.C., has signed on as a co-sponsor.

What it means: Congress could throw clients who own pets a bone.

Veterinary expenses: About 87 million U.S. households, or 66% of the total, own a pet, according to an American Pet Products Association survey.

The American Veterinary Medical Association estimates that 45% of pet-owning U.S. households have dogs, 26%, cats; 2.7%, fish; 2.5%, birds; 1.4%, reptiles; 1.3%, gerbils; and 1.2%, rabbits.

Fewer than 1% keep chickens, horses, pigs or ferrets as pets.