ABA's HSA Council Applauds Introduction of the Health Savings Act
"The American Bankers Association’s Health Savings Account Council strongly supports the Senate and House versions of the Health Savings Act of 2016 introduced by Sen. Orrin Hatch and Rep. Erik Paulsen. We’re pleased that the bill would exempt employee contributions made to HSAs from the Affordable Care Act’s Excise or Cadillac tax and streamlines administration of HSAs for all Americans.
“Sen. Hatch and Rep. Paulsen have long supported reducing health insurance costs, and this bill builds on their record of offering targeted solutions to this significant problem. This legislation would correct oversights in the current HSA statute to make HSAs available to more Americans, particularly veterans, individuals eligible for TRICARE coverage and people that utilize Indian Health Services. It will also allow seniors to continue to save for future health care expenses by enabling Medicare beneficiaries enrolled only in Part A to continue contributing to their HSA accounts after turning 65.
“The goal of health care reform was to provide better coverage to all Americans at more affordable prices. Expanding the utility of HSAs, increasing the number of Americans eligible to enroll in them and solving the technical issues related to their administration will help accomplish this goal. We look forward to working with Sen. Hatch and Rep. Paulsen to see this legislation signed into law.”
The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.
