Dennis Ross Tackles HSA Reforms

On Monday, U.S. Rep. Dennis Ross, R-Fla., looked to expand options for Americans to take part in Health Savings Accounts (HSAs) as he introduced the Providing Accountability and Transparency to Incentivize Economically Necessary Transitions in Health Care Act (PATIENT Health Care Act). Ross argued his new bill will create more competition in the marketplace and lower costs.

My plan sets the foundation for developing a transparent, consumer-driven health care marketplace that encourages high-quality health care services and products at the lowest possible price, said Ross in a statement on Monday. People should have more say over what benefits are included in their health insurance plan. They shouldnt be forced to purchase unnecessary coverage -- one of the many reasons why the cost of health insurance is so high. By expanding the use of Health Savings Accounts, we can make it more affordable for people to plan for the future health expenses of themselves and their children, whether or not they have a job or a perfect slate of health. Everyone should have the option to keep the health coverage they have wherever they go.

By increasing the incentives to use individual Health Savings Accounts and allowing consumers to purchase their own health insurance based on their needs not government mandates we can move toward solutions that are patient-centered and benefit all Americans, added Ross.

The new bill will increase tax-exempt HSA contributions to $10,000 for an individual and $20,000 for families. The bill also ends the ban on using HSA funds to buy over-the-counter medications.