Rep. Brat and Sen. Flake introduce major expansion of health savings accounts
Rep. Dave Brat (R-Va.) today introduced H.R. 5324, the Health Savings Account Expansion Act. A companion bill, S. 2980, was also introduced in the U.S. Senate by Sen. Jeff Flake (R-Ariz.)
Washington, D.C. - Rep. Dave Brat (R-Va.) today introduced H.R. 5324, the Health Savings Account Expansion Act. A companion bill, S. 2980, was also introduced in the U.S. Senate by Sen. Jeff Flake (R-Ariz.)
"I want to expand options for American workers and families to get them the best health coverage and care that is tailored for their specific needs," said Rep. Dave Brat. "This bill helps do that by equalizing the tax treatment for health insurance and care between different ways of paying for it. Instead of having to get coverage approved from the government, an employer, or an insurance company, people will be able to use their HSA funds directly for the products and services that they value."
“Easing regulatory burdens and increasing access to care through health savings accounts improves consumer choice and gives patients greater control of their own health care expenses,” said Flake.
This means Americans will be able to try new treatments or products without having to get permission, which will help innovation in the healthcare industry. It will also drive down costs and push further reforms as patients become consumers that have a direct, controllable stake in the cost and quality of their health care.
The bill proposes four reforms:
This bill is endorsed by the Association of Mature American Citizens and Americans for Tax Reform.