Ted Cruz aims to enhance healthcare accessibility via pre-tax savings accounts.
EXCLUSIVE — Taxpayers Could See Expanded Healthcare Options Under New Bill
Taxpayers who receive financial assistance to cover healthcare costs could see their options dramatically expanded under a new bill being introduced by Sen. Ted Cruz (R-TX).
Under the Personalized Care Act, which was filed by Cruz late last week, those who receive healthcare benefits through Health Savings Accounts could see their options become more portable by becoming more accessible through major medical health insurance plans nationwide. The legislation would increase the monetary limits patients can request through HSA accounts as well as allow individuals to use the savings accounts to pay for health insurance premiums, according to the bill first shared with the Washington Examiner.
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“I am proud to lead the fight to increase accessibility to healthcare. By considerably expanding HSAs, Texans — and all Americans — will gain access to more portable, individualized healthcare,” Cruz said in a statement. “American people should be able to manage their own healthcare, not the bureaucracy. It’s time to remove the middleman, and allow Americans to make decisions about how and when they will get care for themselves. I urge my colleagues to pass this legislation expeditiously.”
HSAs are personal savings accounts that can be used to cover certain healthcare expenses by withdrawing money tax-free, so long as the funds go toward qualified medical costs such as deductibles, copayments, insurance costs, and more.
Through the Personalized Care Act, HSA holders would be able to expand their health insurance plans by allowing patients to use the accounts to pay for periodic fees such as direct primary care or health care sharing ministries. In doing so, the legislation would establish such arrangements as being “qualified medical expenses.”
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The bill would lift the contribution limits account holders could use, increasing the maximum amount to $10,800 for individuals and $29,500 for families. The legislation would also repeal any enhanced penalties for nonqualified distributions.
The Personalized Care Act is cosponsored in the Senate by Sens. Mike Braun (R-IN) and James Risch (R-ID), and a version of the bill is set to be introduced by Rep. Chip Roy (R-TX).
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