LaTurner joins push for expansion to Health Savings Accounts
TOPEKA, Kan. (WIBW) - Congressman Jake LaTurner has joined the push for expansions to Health Savings Accounts to allow Kansans to make better use of the service.
U.S. Congressman Jake LaTurner (R-KS) says he has joined Senators Marco Rubio (R-Fla.) and Tim Scott (R-S.C.) to reintroduce the Health Savings Act.
“As inflation continues to crush family budgets, it’s crucial that Congress works to provide Americans with increased flexibility and lower costs when it comes to their healthcare,” Representative LaTurner said. “For over a decade, tax-free Health Savings Accounts and Flexible Spending Accounts have helped drive down costs and provided Americans with additional options to cover out-of-pocket expenses. I am proud to introduce the Health Savings Act with Senator Rubio to expand and update medical savings accounts to give Americans more flexibility and financial control over their healthcare.”
Rep. LaTurner said the legislation would simplify and expand Health Savings Accounts and Flexible Spending Accounts. These healthcare accounts provide Americans with chances to save for medical costs through tax-deductible contributions.
“Health savings accounts empower families and individuals to have more financial control in their health care choices. I am proud to reintroduce this commonsense, pro-family and bicameral legislation to make managing the cost of health care more feasible for the American people,” said Sen. Rubio.
LaTurner indicated that recent polls found large majorities of Republicans, Democrats and Independents view these accounts favorably. However, about 10% of Americans are able to use these accounts because owners are restricted to narrowly defined high-deductible health plans.
“President Biden’s inflationary spending is causing the cost of everything to go up, including health care,” Scott said. “Our proposal makes it easier for hardworking Americans to manage their health care by expanding flexibility and increasing access to quality care.”
According to the Congressman, the Health Savings Act would eliminate that restriction and increase how much individuals can save in their accounts and the array of items and coverage options that can be purchased.
LaTurner said the legislation would:
- Increase the maximum contribution limit for HSAs so that it matches the out-of-pocket limit for HSA-eligible health plans;
- Allow working seniors and their employers to continue contributing to an HSA after reaching the Medicare eligibility age of 65;
- Allow you to use your tax-free HSA funds to pay health insurance premiums;
- Include dollars spent on prescription and over-the-counter medicines or drugs as “qualified medical expenses” for which HSAs can be used; and
- Let you use your HSA to pay for alternatives to insurance like direct primary care arrangements.
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