As seniors struggle with healthcare costs, a recent bipartisan bill introduced by Reps. Ami Bera (D-Calif.) and Jason Smith (R-Mo.) would allow greater flexibility by giving them the option to purchase a health savings account, wrote Kevin McKechnie, executive director of ABA’s HSA Council, in an op-ed in The Hill today.
The Health Savings for Seniors Act “would serve as a strong supplement to Medicare and offer a commonsense health-care boost for our seniors,” McKechnie wrote, noting that HSA funds can be used for a wide range of medical services, and that there is no “use-it-or-lose-it” component, allowing HSA funds to remain in the account year after year until they are needed. In addition, they provide important tax benefits, which are valuable in the face of rising deductibles and health care costs.
“Seniors deserve access to the health care they have worked their whole lives to secure and Congress should expand Health Savings Accounts to help them do that,” McKechnie said. “Health care is not a one-size-fits-all system, and saving and paying for healthcare expenses shouldn’t be either.”