Washington, D.C. – Yesterday, Congresswoman Beth Van Duyne, a member of the House Committee on Ways and Means, introduced two new pieces of legislation to help families save for and afford medical expenses through a series of reforms to health savings accounts (HSAs).
The HSA Modernization Act of 2023 offers a package of nine policies. A section-by-section summary can be found here. The Elevating HSA Limits Act of 2023, supported by Americans for Prosperity, will increase HSA contribution limits to $7,500 for individuals and $15,000 for families. Congresswoman Van Duyne is joined by Republican Study Committee Chairman Kevin Hern (OK-01) as an original co-sponsor of the Elevating HSA Limits Act.
“In response to the concerns of North Texas families and patients, as well as the feedback of local medical professionals during my health care round tables, I’m introducing these pragmatic bills to help address our health care affordability crisis,” said Van Duyne. “Health care flexibility is more important now than ever before. With inflation further driving up the cost of care, we have a great opportunity to expand and improve on the success of health savings accounts.”
“Health Savings Accounts are an important tool that give individuals and families more choice and flexibility in finding the right care that works for them. Rep. Van Duyne’s bill, the HSA Modernization Act of 2023, makes important updates to give more Americans access to HSAs - including veterans, working seniors, and Native Americans - while removing needless red tape that gets in the way of individuals and families utilizing their savings. This legislation will also raise the existing cap on how much families and individuals can contribute to their HSAs so they can cover the actual out-of-pocket expenses they may owe. I am grateful for Rep. Van Duyne’s leadership in championing this important piece of legislation.” – Ways and Means Committee Chairman Jason Smith
"AFP is pleased to endorse this legislation because it promotes a health care Personal Option by means of a simple yet sensible improvement to HSAs that would make health care more affordable for millions of patients. HSAs are a powerful tool that reduces health care costs by giving patients more choice and control. Unfortunately, existing HSA contribution limits are too low. They have not kept up with the rising cost of medical care or with sky-rocketing insurance deductibles, which have tripled since 2010. By allowing HSA owners to contribute up to the amount of their insurance deductible, the bill elegantly corrects a weakness in today's HSA rules while making HSAs an even more useful tool for patients. We applaud Congresswoman Van Duyne for her leadership on this important issue." - Dean Clancy, Americans for Prosperity, Senior Health Policy Fellow