Brat, Flake Reintroduce HSA Expansion Act

WASHINGTON, D.C. - Rep. Dave Brat (R-Va.) introduced H.R. 247 the Health Savings Account Expansion Act. A companion bill was also introduced in the U.S. Senate by Sen. Jeff Flake (R-Ariz.)

"American workers and families deserve the best health coverage, care and options tailored for their specific needs," said Rep. Dave Brat. "This bill equalizes 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."

"Insurance exchanges are on the verge of collapsing; premiums, deductibles, and out of pocket costs are skyrocketing; and no state is feeling the pinch more than Arizona,"said Sen. Flake. "If we want to lower health care costs and improve consumer choice, the key is not more government intervention, but allowing individuals the freedom to take back control of their own health care and incentivizing prudent decision making. This legislation goes a long way towards accomplishing these goals and ought to be in the conversation as Congress considers options for replacing Obamacare."

This bill will enable Americans to try new treatments or products without having to get permission, which helps encourage innovation in the healthcare industry. This bill will also drive down costs and push further reforms as patients become consumers and therefore have a direct, controllable stake in the cost and quality of their health care.

The bill proposes four reforms:

*Increase contribution limits for single/joint filers to $9,000/$18,000 per year,

*Repeal ACA restrictions on over-the-counter purchases and the increased penalty on ineligible withdrawals,

*Allow HSA funds to pay premiums and direct primary care expenses, and

*Streamline regulatory requirements including by eliminating the high deductible health plan mandate.

This bill was endorsed by the Association of Mature American Citizens and Americans for Tax Reform.

Read this original document at: http://brat.house.gov/news/documentsingle.aspx?DocumentID=315