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ABA HSA Council Testifies on Need for HSA Expansion

WASHINGTON —
Expanding and strengthening health savings accounts must be an integral part of any serious plan to improve health care in America, according to testimony from the American Bankers Association’s HSA Council before the Joint Economic Committee today.
 
Kevin McKechnie, executive director of ABA’s HSA Council, testified on behalf of the council, an organization of banks, insurers, administrators and technology partners that represent about 94 percent of HSAs in the U.S.
 
“HSAs are a truly powerful tool for improving the quality of care while driving down its cost,” said McKechnie. “With a few sensible improvements, they can help Americans access better care now while saving for their future.”
 
McKechnie encouraged the enactment of several HSA-improvement proposals currently under consideration by Congress, including the Hatch-Paulsen Health Savings Act, the Kelly-Blumenauer Bipartisan HSA Improvement Act and the Thune-Carper-Black-Blumenauer Chronic Disease Management Act.
 
Under those proposals, more Americans would be allowed HSAs, including Medicare seniors, and the accounts could be used for over-the-counter medication, not just prescription drugs. They would also would allow an HSA-qualified health plan to cover care for medically complex chronic conditions with no deductible.
 
McKechnie advocated for an increase to contribution limits to match the statutory limit on out-of-pocket expenses for HSA-qualified plans, as well as an additional method of determining HSA-qualification using the more flexible actuarial value (AV) approach.
 
“These ideas are vetted, bipartisan and affordable,” McKechnie said. “Some would actually save taxpayer money. Individually and together, they can dramatically strengthen the proven, successful HSA model.”
 
Click here for a copy of McKechnie’s full testimony.

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $18 trillion banking industry, which is composed of small, regional and large banks. Together, America’s banks employ more than 2 million men and women, safeguard nearly $14 trillion in deposits and extend more than $10 trillion in loans.

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