EXCLUSIVE: GOP Bill to Expand Tax-Free Health Savings Accounts to All Americans

Contact Your Elected Officials
The Epoch Times Header

Rep. Chip Roy (R-Texas) has introduced a bill that would make tax-free Health Savings Accounts (HSAs) available to all Americans.

Currently, most Americans cannot use HSAs due to the stringent rules that govern their use: only those who pay an abnormally high insurance deductible can take advantage of the pre-tax program. In practice, this means that 90 percent of Americans are not eligible for HSAs.

Roy’s bill, dubbed the Healthcare Freedom Act, would change the rules to make all Americans eligible for HSA accounts.

To do this, the bill would de-link eligibility for an HSA, renamed a “Health Freedom Account” by the legislation, from health insurance requirements.

Many patients who pay high-deductible policies—which have grown more popular among employers over the past two decades—never meet their annual deductible, meaning any money they paid on the policy was effectively wasted. Because of the increased prevalence of high-deductible health insurance policies, many Americans have had to rely on savings to cover their day-to-day medical expenses.

Additionally, the bill would increase the maximum annual contribution to HSAs from $3,650 to $12,000, or to $24,000 for a joint contribution.

In effect, this would allow American families to pay less in taxes annually and direct more money to HSAs.

The bill would also expand permitted expenses under an HSA, allowing contributors to make tax-free withdrawals to pay for health insurance and associated costs, direct primary care arrangements, prescription and over-the-counter medications, and others.

Roy told The Epoch Times in a statement on the legislation that his bill would be a win for patient choice.

“Patients and their doctors should be driving our health care system—not politicians, and not government or corporate bureaucrats,” Roy said.

He added that collusion between government and health care insurers against HSAs had led to increased medical costs for Americans.

By Joseph Lord

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

James Franklin’s contract fallout

Penn State’s decision to fire head coach James Franklin after a disappointing 22–21 home loss to Northwestern will cost an estimated $56 million buyout. 

Trump’s Middle East Trip Led to Historic Breakthroughs

Trump’s bold, unconventional strategy helped end the Israel-Hamas war and set the stage for a more stable, prosperous Middle East.

Pretending Really Hard

The world is real and so are its problems, too. Reality is the enemy of liberals, even though they are pretending, really hard, that it is not.

Trump 2.0’s Eurasian Balancing Act Has Failed

Trump's Eurasian balancing act has failed due to his arrogant and aggressive approach towards all three countries.

Should Palestinian clans rebelling against Hamas be given Gaza?

Hamas’s October 7 attack exposed its violent ideology, showing cruelty toward its enemies and also against the Palestinian people it claims to defend.

Trump, Patel Confirm FBI Special Agents Will Get Paid During Shutdown

FBI special agents will receive their paychecks despite the government shutdown, according to President Donald Trump and FBI Director Kash Patel.

Trump Admin Withholds $41 Million From California Over English-Language Trucking Rules

Trump admin withholds $40.6M in California transportation funds, citing failure to meet federal English proficiency rules for truck drivers.

An Inconvenient Study – Feature Film

Journalist Del Bigtree challenged a top infectious disease expert in 2016 to a vaxxed vs. unvaxxed study. The long-hidden results are finally revealed.

Federal Judge Temporarily Blocks Trump Admin’s Shutdown-Related Layoffs

A federal judge on Oct. 15 temporarily blocked President Donald Trump’s plan to lay off certain federal employees during the government shutdown. 

Trump Names Longtime Adviser Dan Scavino to Key Personnel Position

One of President Trump’s longtime advisers, Dan Scavino, is going to be in charge of selecting and appointing key positions within the executive branch.

First Lady’s Effort Helped Reunite 8 War-Displaced Children With Their Families

First lady Melania Trump said 8 children impacted by the fighting between Ukraine and Russia were reunited with their families on Oct. 9.

Trump to Impose New 100 Percent Tariff on China on Nov. 1

President Trump said that the US will impose an additional 100 percent tariffs on Chinese goods and export controls on critical software starting on Nov. 1.

Trump Admin Agrees to $20 Billion Rescue Plan for Argentina

The U.S. government has finalized a $20 billion economic rescue plan for Argentina, Treasury Secretary Scott Bessent announced on Oct. 9.
spot_img

Related Articles

Popular Categories

MAGA Business Central