Originally published in RealClear Health.
Every time I take my children to the doctor, I’m reminded of the ridiculous restrictions around health savings accounts (HSAs). With four kids, I quickly run out of money in my HSA if any of them need non-routine care. It doesn’t need to be this way.
Created in 2003, HSAs allow people to save money on a pre-tax basis to use for medical expenses. Unlike flexible spending accounts (FSAs), which expire at the end of the year, funds in HSAs rollover year to year. In theory, this would allow families to save money in low-expense years to use in high-expense years. HSAs could have revolutionized health care financing in the U.S., but the current restrictions stifle the impact of the accounts.
Sen. Ted Cruz (R-TX) and Rep. Chip Roy (R-TX) have introduced the Personalized Care Act of 2021, which would remedy many of these limitations and help HSAs live up to their promise.
To start with, only people covered…
Read more at RealClear Health.