This bill updates and expands access to HSAs, including for veterans and working seniors, and thus allowing more people more flexibility and control over their healthcare.
November 15, 2023
The Honorable Beth Van Duyne
24th Congressional District of Texas
1725 Longworth House Office Building
Washington, DC 20515
Dear Representative Van Duyne,
On behalf of the over 2.1 million members of AMAC – Association of Mature American Citizens, including over 7,200 residing in TX-24, I write to offer our support for H.R. 5687, the “HSA Modernization Act.”
Heath Savings Accounts (HSA), and their financial cousins, Flexible Spending Accounts (FSA), are a vehicle to purchase needed health related items, care, and services at a lower cost to the consumer because they can be purchased using funds that are not taxed as income by the Internal Revenue Service (IRS). The codes on how HSAs are administered are complex and contain within them unnecessary restrictions on accessing these accounts for appropriate purchases.
The HSA Modernization Act of 2023 removes several such restrictions beginning with a nod to our great American Veterans in which their eligibility to contribute to an HSA is not eliminated because they sought care from a Veteran Affairs medical facility. Similarly, Americans who benefit from care provided under Indian Health Service programs can contribute to HSA accounts also.
Added to the category of High Deductible Health Plans (HDHP) are Bronze and Catastrophic plans, allowing those with associated policies to contribute to HSAs. A $500 allowance for a HDHP to cover access to mental health services is part of the reform, and there is a provision to cover some expenses made 60 days prior to participating in an HSA program.
Eligible spouses may both contribute to their HSA account and could “catch up” to their contribution limit with certain limitations, and for all, the maximum contribution limit would be increased in accordance with Section 9. There are other provisions as well, with this bill’s intent to expand access to beneficial health savings accounts and thus allow more people more control over their healthcare.
Thank you, Representative Van Duyne, for advancing H.R. 5687. AMAC is pleased to offer our organization’s full support for your efforts.
Sincerely,
Bob Carlstrom
President
AMAC Action
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