One of the fastest ways for lawmakers to increase healthcare affordability is to end the prohibition on health savings account eligibility for recipients of federal programs such as Medicare, Kevin McKechnie, executive director of the American Bankers Association’s HSA Council, said this week.
Federal lawmakers are currently considering whether to move forward with a third reconciliation bill to fund the federal government. In a statement, McKechnie said that as part of those discussions, lawmakers should consider ending the exclusion of Medicare, VA Health Care, TRICARE and Indian Health Service beneficiaries from HSA eligibility.
Expanding access to HSAs also minimizes opportunities for fraud, especially in the Affordable Care Act Exchanges, and provides every American the chance to save on their out-of-pocket costs now, through tax-advantaged HSAs, he said.
McKechnie noted that Rep. Eric Burlison (R-Mo.) has introduced legislation to expand HSA access.
“Rep. Burlison’s proposal is consistent with the president’s plan to give more Americans the chance to use their own money to live healthier lives while saving for their future healthcare needs,” McKechnie said. “We urge congressional leaders to allow more Americans access to health savings accounts to help them cover the rising cost of healthcare.”
