On July 25, the House of Representatives passed a bill to loosen regulations for health savings accounts (HSAs), allowing spouses to contribute. The House also passed another bill letting more beneficiaries in on HSAs.
The Restoring Access to Medication and Modernizing Health Savings Accounts Act, HR6199, will grant plans flexibility, a step toward modernizing HSAs as coverage can be provided before deductibles are met.
By expanding HSAs, a higher employee enrollment in high-deductible health plans could be achieved. Critics have highlighted that for many low-income beneficiaries without the money to invest in HSAs, saving for future healthcare costs is a non-starter.
The tax on health insurance received a two-year delay, as part of The Increasing Access to Lower Premium Plans and Expanding Health Savings Accounts Act of 2018, HR 6311. David Wichmann, UnitedHealth Group CEO said they were rooting for a delay of the insurance tax or even a complete repeal, a move that may hike up premiums.
This legislation also includes introducing “copper” plans to the Obamacare exchange where skimpier plans can coax the uninsured into buying.
Sponsor of the bill Rep. Luke Messer (R-IN) said it would “allow insurers to provide coverage for and incentivize the use of high-value services that can reduce healthcare costs more broadly, such as primary care visits and telehealth services.”
Alex Azar, Department of Health and Human Services Secretary spoke about the expansion of HSAs in a speech last week:
“I think it’s a critical counterpart to high-deductible plans and a critical element to how we bring that kind of consumerism to a third-party payer system,” he said.
Read Fierce Healthcare’s article here.
To check out Benefit New’s piece, click here.