Roy Revives Effort to Expand Access to Health Savings Accounts

Rep. Chip Roy (R-Texas) has called for Congress to expand access to health savings accounts (HSAs) during the budget reconciliation process, which Republicans plan to complete as soon as April 20. The expansion is one of several actions Roy said could make Americans healthier by removing government subsidies and regulations and increasing choice and competition in health care services. Deposits to HSAs are nontaxable, as is any interest on the account. Those funds may be used for certain out-of-pocket medical expenses including co-pays and prescription drugs but not for insurance premiums. Roy detailed his plan for expanding the HSA program in “The Case for Healthcare Freedom,” a 47-page report released on Jan. 23 that also traces the rise in chronic illness among Americans and suggests underlying causes....