A bipartisan effort in Congress is underway to address challenges under the Affordable Care Act, potentially including big improvements to your HSA.
- A stronger HSA is one of several measures Congress is weighing to address rising out-of-pocket medical costs for Americans with health coverage at work, stabilize insurance marketplaces used by those without workplace coverage, and help seniors - both retired and working - to manage medical bills.
Action could take place as soon as March 23, 2018 as part of a so called “Omnibus Bill” that Congress must pass by then to continue normal government operations.
Congress is considering strengthening HSAs in at least three specific ways:
- Raising the amount that may be contributed to your HSA each year
- Allowing your HSA-qualified health plan to offer more coverage for the management of chronic diseases, such as for medications and therapies that prevent these conditions from getting worse and costing more in the end
- Allowing seniors, especially working seniors, to continue contributing to their HSAs as a way to offset the higher healthcare costs they inevitably incur in retirement
At HealthEquity, we are reluctant to add to the noise in Washington. We are not lobbyists. But, we do support efforts that help our members build health savings. In that spirit, we respectfully encourage you to consider these measures and tell Washington what you think, using the hashtag #HSAstrong.
The links below are an easy way for you to contact your representatives in Congress and let them know you support the effort to strengthen HSAs.
I personally used these links to send notes to my Congresswoman and both of my Senators. It was pretty easy. Feel free to borrow from my note below to send your own message.
“I am writing to ask you to support strengthening HSAs in the upcoming Omnibus Bill. I have an HSA and it works. It helps my family pay medical bills and build savings for healthcare. Specifically, I encourage you to support allowing people like me to put more into health savings, manage chronic diseases, which would save money in the end, and letting seniors enrolled in Medicare, particularly working seniors, keep building health savings in HSAs. HSAs are not the cure to all that ails healthcare, but they help a lot of people, including me, do their part. Thank you. #HSAstrong.”
HealthEquity President and CEO
Nothing in this communication is intended as legal, tax, financial or medical advice. Always consult a professional when making life changing decisions.