Florida Senator Marco Rubio, working alongside Utah Senator Orrin Hatch, is pushing a proposal that would expand Flexible Spending Accounts and Health Savings Accounts. In addition, a companion bill is also being sponsored by Minnesota Representative Erik Paulsen, and Senator Rubio explained that the bill would help “to amend the Internal Revenue Code of 1986 to improve access to health care through expanded health savings accounts, and for other purposes.”
Rubio said that “Helping individuals and families better afford their health care by expanding access to Health Savings Accounts is a commonsense solution that will empower consumers, make the costs of medical services more transparent and ultimately play a role in getting prices under control.”
Senator Hatch added that “Health Savings Accounts and Flexible Spending Accounts are critical to providing Americans with flexibility and control over their personal health spending”. This is so because “These plans have been in place for over a decade and while they’ve grown in popularity, they are in need of crucial updates. This bill provides those necessary updates and, as we work to repeal and replace Obamacare, sets a marker for how we can make it easier for American families and workers to grow and access tax-free savings for future medical costs.”
Finally, Paulsen explained that “Millions of Americans rely on HSAs and FSAs because of the choice, control, and flexibility it offers them and their families when it comes to their health care decisions,” and that “By expanding and updating this popular health care option, this initiative will provide families with greater flexibility to save and pay for medical expenses.”
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