In testimony before the Joint Economic Committee today, American Bankers Association Health Savings Account Council Executive Director Kevin McKechnie called on Congress to expand and strengthen health savings accounts as part of the ongoing effort to improve the American healthcare system.
Noting that HSAs are important tool for improving the quality of healthcare while keeping costs down, McKechnie urged lawmakers to support several HSA-related proposals currently before Congress that would expand HSA access to more Americans, permit the accounts to be used for over-the-counter medications and allow HSA-qualified health plans to cover care for medically complex chronic conditions with no deductible. He also called for an increase to contribution limits to match the statutory limit on out-of-pocket expenses for HSA-qualified plans, and advocated for an additional method of determining HSA-qualification using the more flexible actuarial value approach.
“These ideas are vetted, bipartisan and affordable,” he said. “Some would actually save taxpayer money. Individually and together, they can dramatically strengthen the proven, successful HSA model.”