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 Americans to put aside money for themselves and their children to help mitigate the rising cost of deductibles and out-of-pocket healthcare expenses.

Current law only allows HSAs to be purchased for certain health insurance plans, and contributions are restricted to levels that are often substantially lower than deductibles. 

The Health Savings Act of 2014, H.R. 4777, would ensure HSAs may be used more broadly, thereby increasing patient choice in how their healthcare dollars are spent. 

“One of the most fundamental criticisms of the President’s health law is that it robs Americans from freedom of choice in their healthcare,” Burgess said. “This bill would be a small but important step towards giving people back those freedoms.”

In addition to making HSAs more accessible, the bill allows parents to set up an HSA for their child, while allowing the contributor to claim an after-tax deduction. Further, the bill raises the contribution limit to match the maximum out-of-pocket limit. 

Finally, the Health Savings Act provides bankruptcy protections to HSAs in the same way retirement accounts are currently protected. 

“I believe that the federal government should not punish someone for going bankrupt by taking away the money he or she has diligently saved for their healthcare,” Burgess said.

Burgess acknowledged Dr. Ben Carson as an inspiration for this legislation. 

“The most important advantage of an HSA is personal empowerment,” Carson said. “When you control your healthcare dollars, you decide which doctors you see, what care to get, and at what price. Expanding HSAs is not the only solution to saving our healthcare, but it is a big step in the right directions because HSAs put the most important person in control of your healthcare – you.”

Burgess currently serves as Vice-Chairman of the House Energy and Commerce Subcommittee on Health and founded as serves as Co-Chairman of the Health Caucus. 

                                                                                             ###