Washington, D.C. – Congressman Michael C. Burgess, M.D. (R-TX) today introduced legislation that would expand the use of Health Savings Accounts (HSAs), which allow individuals to set aside funds for themselves and their families to help with the increasing cost of deductibles and out-of-pocket healthcare expenses. 

Currently, individuals are only permitted to purchase HSAs for certain insurance plans that are limited by how much one is able to contribute. Often, the limit is much lower than their deductible.

Burgess’ legislation would allow HSAs to be used more broadly, increasing patient choice in how their healthcare dollars are spent. 

“I have long been a proponent of expanding the use of HSAs, especially in light of how vastly the president’s health care law limits personal choice when it comes to paying for health care,” Burgess said. “This legislation allows individuals to use their own money more effectively and brings back an element of freedom when it comes to paying for health care.”

The bill, which is almost identical to the version Burgess introduced last Congress, would allow parents to set up HSAs for their children while allowing them to claim an after-tax deduction. It also raises the contribution limit to match the maximum out-of-pocket limit. In addition, it provides bankruptcy protections to HSAs in the same way retirement accounts are currently protected. 

“It is unfair for the federal government to further punish a person who has gone bankrupt by also taking away money he or she has carefully set aside for health care for themselves and their children,” Burgess said. “This bill is an important step in the right direction to help mitigate some of the problems that have arisen as a result of the president’s damaging health care law.”

                                                                                            ###