| Hello John, Millions of Americans face skyrocketing health care costs, long wait times, and limited options, leaving many frustrated and underserved. But there’s a solution that could change the game and improve health care access for millions. Last week, my op-ed, “Congress Can Put Health Care Dollars Back in Patients’ Hands,” discussed how the ACCESS Act (HR-1157) expands access to health savings accounts for more Americans. Here’s what HSAs can do for your family. HSAs are proven tools that give patients the freedom to choose the care and services that work best for them. They allow individuals to save tax-free dollars specifically for health expenses, providing flexibility and control over their own health care decisions. But there’s a catch ... Unfortunately, these accounts have long been out of reach for many lower-income Americans. Right now, only a small minority of Americans with access to a federally defined “high-deductible health plan” may contribute to an HSA. The ACCESS Act changes that. Here’s how it would work. - Some low-income Americans get generous federal subsidies for their health insurance, plus an additional subsidy to reduce their out-of-pocket health care costs. The ACCESS Act would allow them to put that additional money directly into their HSA (instead of sending it to the insurance company).
- Funds in the account could be used to pay for qualified medical expenses — including for services and doctors the patient chooses, not just the ones their insurer is willing to pay for.
- At the end of the year, unspent funds roll over to the following year, allowing these low-income families to build a nest egg for future expenses.
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