After months of partisanship, Washington, D.C. is finally experiencing a respite from partisan brawling over health care. The U.S. House last week passed two bills related to Health Savings Accounts (HSAs) and drew some bipartisan support in the process. This could be just the tip of the iceberg as Congress has started to move numerous bills to pave the way for lower health care costs for millions of Americans.
Many Families Will Be Helped By Increased HSA Contribution Limit
Lawmakers have proposed an increase to HSA contribution limits to equal what a patient may pay for their health plan deductible and out-of-pocket limits. Put simply, the new limit would allow someone to put aside pre-tax money ahead of time to pay for these costs. This means health care consumers could potentially pay up to $1 less in taxes for each $3 placed in an HSA—resulting in real savings for patients.