Ways and Means Advances Four Health Savings Account Bills

The House Ways and Means Committee has passed four bills to expand health savings accounts, and later will consider seven additional measures with similar goals, according to Congressional Quarterly . Rep. Kevin Brady (R-Texas) said the markup concerned offering people more choice, while Rep. Richard E. Neal (D-Mass.) criticized the bills for failing to address healthcare challenges for Americans. "The provisions we are considering today provide America's wealthiest another option to stash tax-free money at a cost of $92 billion to taxpayers," he warned. The sole Republican-only bill to advance was a measure allowing seniors older than 65 who are entitled to enroll in Medicare but continue to work and maintain some employer benefits to retain a health savings account. The committee failed to adopt an amendment to postpone implementation of the bill until the Medicare Hospital Trust Fund's report shows a reversal of its losses under the 2017 Republican tax law overhaul. Democrats also excoriated the GOP for not offering specific ways to cover the bills' cost, which the Joint Committee on Taxation estimated would amount to $92.1 billion over 10 years. The majority of the bills are designed to broaden the use of health savings accounts, which generally have bipartisan backing.