This bill — the Increasing Access to Lower Premium Plans and Expanding Health Savings Accounts Act — would aim to make it easier for Americans to access lower premium health insurance plans by letting them be paid for using premium tax credits, while expanding Health Savings Accounts (HSAs) and similar arrangements. It contains the legislative text of five related bills which passed the House Ways and Means Committee, summaries of which can be found below.
Increasing Access to Lower Premium Plans Act: This section of the bill would reform the Affordable Care Act (commonly known as Obamacare) to allow premium tax credits to be used for qualified plans offered outside of the law’s exchanges and Healthcare.gov. It’d also allow the premium tax credit to be used for catastrophic (or “copper”) insurance plans. Additionally, all participants in the individual marketplace could purchase such plans, which are limited to people under age 30 under current law.
Responsible Additions and Increases to Sustain Employee Health Benefits Act: This section of the bill would allow unused balances or a portion of the balance in health flexible spending accounts (FSAs) to be carried forward into the next plan year. Current law requires that all balances be used by the end of the plan year or else they’re forfeited.
Health Savings Act: This section of the bill would expand eligibility and access to HSAs by allowing plans categorized as “catastrophic” and “bronze” in the exchanges to qualify for HSA contributions.
Improve the Rules with Respect to Health Savings Accounts: This section of the bill would increase contribution limits for HSAs by allowing both spouses to contribute to make catch-up contributions to the same account. It’d also make HSAs more flexibility by creating a new 60-day grace period for medical expenses incurred before the HSA was established.
Allowing Working Seniors to Keep Their Health Savings Accounts Act: This section of the bill would make seniors who are still in the workforce eligible to access HSAs. Current law prohibits Medicare beneficiaries from having a secondary payer or an HSA.