ABA’s HSA Council Applauds Introduction of Health Savings Act

ABA’s Health Savings Account Council issued a statement today in support of the House and Senate versions of the Health Savings Act of 2016, which would exempt employee contributions made to HSAs from the Affordable Care Act’s excise (or “Cadillac”) tax, streamline the HSA administration process and make HSAs more widely available to more Americans. The bill also includes a provision allowing Medicare Part A beneficiaries to continue contributing to their HSA accounts after age 65.

“The goal of health care reform was to provide better coverage to all Americans at more affordable prices,” said ABA SVP Kevin McKechnie. “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.” ABA’s HSA Council is an alliance of banks, insurers and others committed to increasing the adoption of HSAs in the U.S.