Sens. Orrin Hatch (R-Utah) and Marco Rubio (R-Fla.) and Rep. Erik Paulsen (R-Minn.) yesterday introduced the Health Savings Act of 2017, a bill which would enhance and expand health savings accounts. The bill would increase the maximum HSA contribution limit, allow both spouses in a couple to make “catch-up” contributions to the same HSA, provide individuals with greater flexibility on how they spend money from their HSA account and incorporate an administrative fix for expenses incurred prior to the establishment of the HSA.
ABA applauded the introduction of the bill. “The goal of healthcare reform is to provide better coverage to all Americans at more affordable prices,” said Kevin McKechnie, executive director of ABA’s HSA Council. “Expanding the utility of HSAs, increasing the amount Americans can contribute to them and solving the technical issues related to their administration will help accomplish this goal. We look forward to working with Congress to see this legislation signed into law.”