AMAC has long believed that HSAs are a great free-market option and offer Americans the flexibility they need to manage their healthcare. Expanding HSA options while removing contribution limits would give Americans an even greater opportunity to customize their care and help to maintain healthy lifestyles.
September 11, 2020
The Honorable Rand Paul
Senator from Kentucky
167 Russell Senate Office Building
Washington, DC 20510
The Honorable Andy Biggs
5th Congressional District of Arizona
1318 Longworth House Office Building
Washington, DC 20515
Dear Senator Paul and Congressman Biggs,
On behalf of the 2.2 million members of AMAC – Association of Mature American Citizens, including the over 28,000 who reside in the Commonwealth of Kentucky and the nearly 8,000 who live in AZ-05, I write to offer our support for S. 4367 and its House companion, H.R. 8032, the Health Savings Accounts for All Act of 2020.
AMAC members have been unwavering supporters for the expansion of Health Savings Accounts (HSA) for years. HSAs facilitate freedom of choice and control and put the American patient firmly in charge of their healthcare. Expansion of HSAs increases access and allows for individuals and families to tailor their healthcare to their personal needs.
Your legislation eliminates contribution limits and allow for more people, including Medicare beneficiaries and veterans, the opportunity to save money, tax-free, in HSAs. It smartly allows for HSA funds to be used for insurance premiums and direct primary care services. It also establishes a legacy of healthcare by allowing the tax-free transfer of HSAs at death to an account holder’s child, parent, grandparent or surviving spouse. Furthermore, your legislation protects HSAs in the event of a bankruptcy by classifying them as an individual retirement account. The expansion of qualified medical services in your bills also works to empower patients to lead more healthy lives.
Thank you, Senator Paul, and Congressman Biggs, for sponsoring comprehensive legislation that acknowledges the need to put patients first and does so using free-market methods. As an organization that advocates for free-market solutions to address our broken healthcare system, AMAC is pleased to offer our full support for S. 4367 and its House companion, H.R. 8032, the Health Savings Accounts for All Act of 2020.
Bob Carlstrom, AMAC Action