Hatch, Rubio & Paulsen Introduce Bill to Enhance HSAs, FSAs

Bicameral Legislation Aims to Ease the Burden of Rising Health Care Costs for American Workers, Retirees

WASHINGTON – Senate Finance Committee Chairman Orrin Hatch (R-Utah), Senator Marco Rubio (R-Fla.) and House Ways and Means Committee member Congressman Erik Paulsen (R-Minn.) today introduced the Health Savings Act of 2017, legislation to simplify and expand Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs), health care accounts that provide Americans opportunities to save for medical costs through tax-deductible contributions.

“Health Savings Accounts and Flexible Spending Accounts are critical to providing Americans with flexibility and control over their personal health spending,” Hatch said. “These plans have been in place for over a decade and while they’ve grown in popularity, they are in need of crucial updates. This bill provides those necessary updates and, as we work to repeal and replace Obamacare, sets a marker for how we can make it easier for American families and workers to grow and access tax-free savings for future medical costs.”

“Helping individuals and families better afford their health care by expanding access to Health Savings Accounts is a commonsense solution that will empower consumers, make the costs of medical services more transparent and ultimately play a role in getting prices under control,” Rubio said.

“Millions of Americans rely on HSAs and FSAs because of the choice, control, and flexibility it offers them and their families when it comes to their health care decisions,” said Paulsen. “By expanding and updating this popular health care option, this initiative will provide families with greater flexibility to save and pay for medical expenses.”

Text of the bill, S. 403, can be found here.

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