Some of the measures are effective immediately, while others don’t kick in for several years – notably, after the 2026 midterm elections.

Baron noted that "generally, people who are most able to benefit from HSAs are the people that have the financial means to be able to set aside several thousand dollars at the beginning of the year to help pay for their services. So, it tends to benefit the more well-off folks."

The bill extends portions of the Tax Cuts and Jobs Act, provides deductions to eliminate income taxes on certain tips and overtime pay, and addresses other tax priorities of the Trump administration.