Roskam HSA Expansion and Premium Assistance Package passes House
Yesterday, H.R. 6311 – the Increasing Access to Lower Premiums Plans and Expanding Health Savings Account Act of 2018 – passed the House of Representatives. H.R. 6311 expands access to tax-preferred health accounts, allowing people to plan and save for their health care based on their individual needs.
In addition, the bill expands who is eligible to contribute to HSA’s, as well as expanding options for all Americans to choose lower cost health plans. This bill also reverses harmful Obamacare taxes that are passed onto consumers and small businesses which will ensure lower premiums and to increase jobs growth and innovation.
Click the image below to watch Rep. Roskam’s opening statement.
“This bill increases choice, lowers premiums and lets more families save to pay for health care costs,” said Roskam during his speech. “It’s time to drive a discussion around empowering individuals and their families to make health care decisions for themselves based on their needs and based on their budgets. Individuals and families are the best ones to make these decisions – not politicians, not bureaucrats in Washington.”
- H.R. 6311 combines H.R. 6313, H.R. 6309, H.R. 6314, H.R. 6306, and H.R. 5963 as modified, which recently passed the Ways and Means Committee.
- Congressman Roskam spoke on a variety of provisions at the Committee Markup including H.R. 6301, a bipartisan bill to allow insurance plans to offer coverage for high-value, low-cost services like telehealth; chronic disease management such as diabetic test strips; or primary care visits. H.R. 6301 was included in H.R. 6199 which also passed the House.
- Changes the “use-it-or-lose-it” nature of Flexible Spending Arrangements (FSAs) by allowing balances to carry forward up to three times the annual contribution limit, which can incentivize consumers to only purchase what is needed and have a positive effect on overall spending, helping to lower premiums.
- Allows working seniors with HSA-eligible coverage that are enrolled in Medicare Part A to contribute to an HSA, which can provide an additional benefit for seniors and incentivize them to stay on their employer sponsored plan over Medicare if they choose.
- Nearly doubles the maximum contribution limit for HSAs to equal the amount of the deductible and out-of-pocket costs limitation to ensure people can save enough to cover their costs.
- Increases utility and flexibility through allowing both spouses to make catch-up contributions into the same HSA if they’re over age 55 and establishing a 60-day grace period between the time of enrollment in an HSA-eligible health plan and the establishment of an HSA for the purposes of reimbursement for medical expenses.
- Provides relief from Obamacare’s rising premiums by creating a new pathway to eligibility for HSAs by giving all enrollees in “catastrophic” and “bronze” plans, the Obamacare plans with an average of $6,000 deductibles, access to an HSA so they can save pre-tax for their out-of-pocket costs.
- Removes Obamacare’s restrictions on who can enroll in lower cost “catastrophic” health plans to allow anyone to purchase one, increasing choice and lowering premiums for more Americans.
- Delays Obamacare’s health insurer tax for an additional two years, which would otherwise increase the cost of insurance premiums through a nearly $27 billion excise tax for 2020 and 2021 collectively.