Trump Backs Changes to Health Savings Accounts–What to Know

Health Savings Accounts have been around since 2003, but only about 17 percent of Americans have access to one. Now some members of Congress think these tax-sheltered accounts could be a key to reducing the skyrocketing health care costs in the United States. As costs have risen, President Donald Trump and several Republican lawmakers have proposed expanding the use of Health Savings Accounts to increase choice, improve competition, and save taxpayers money. Here’s what to know about these accounts and the changes that have been proposed. Tax Free for Medical Expenses Health Savings Accounts are owned by an individual but held by a bank, credit union, or insurance company. Individuals or their employers can contribute to the accounts, and those funds can be withdrawn for qualified medical expenses....