State Legislators Signal Support for HSA Fix

The National Council of Insurance Legislators recently met in Oklahoma City and approved a unanimous bipartisan resolution supportive of policies that preserve health savings account access. American Bankers Association SVP Kevin McKechnie applauded the move to “preserve the ability of millions of Americans to finance their health care with HSA-qualified insurance plans. The ABA HSA Council and its members are grateful for NCOIL’s support and the important role they play in national insurance policy.”

The NCOIL resolution advises states to avoid actions taken in several states requiring health insurers to provide first-dollar coverage of vasectomies. Since vasectomies are not recognized by the IRS as a preventive procedure eligible for first-dollar coverage under an HDHP, these policies have hampered the ability of state residents with HDHPs and HSAs to use them. Working with state bankers associations, ABA’s HSA Council has secured legislative fixes for this problem in Illinois, Maryland and Vermont.