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Senators Propose Health Savings Account Simplifications

Senators Propose Health Savings Account Simplifications
Posted at 2:31 PM, Feb 16, 2017
and last updated 2017-02-16 09:46:30-05

Tallahassee, Fla. (WTXL) - U.S. Senators Marco Rubio (R-FL) and Orrin Hatch (R-UT) introduced a bill today to simplify Health Savings Accounts and Flexible Spending Accounts.

Rubio says the proposed changes would offer "a commonsense solution that will empower consumers" and "make the costs of medical services more transparent and ultimately play a role in getting prices under control."

New amendments in the bill include renaming high deductible health plans as HSA-qualified health plans, and enhancing special rules for married individuals with family coverage as well as the special rule for individuals eligible for assistance under Indian health service programs. Suggested amendments also apply to the treatment of embedded deductibles.

Representative Erik Paulsen (R-MN) introduced the companion bill in the House. He says, "By expanding and updating this popular health care option, this initiative will provide families with greater flexibility to save and pay for medical expenses."