RAMSTAD SPONSORS BILL TO HELP UNINSURED

WASHINGTON – U.S. Rep. Jim Ramstad (MN-3rd) today joined with three other colleagues on the House Ways and Means Committee to introduce The HSAs for the Uninsured Act.

The legislation will make health insurance more affordable by allowing individuals to deduct from taxes 100 percent of the premium of high-deductible health insurance used in conjunction with a health savings account (HSA).

“Millions of Americans without access to employer-provided health insurance need the opportunity to buy affordable medical coverage,” Ramstad said.   “This important bill will give Americans meaningful access to a health plan that gives them greater control over their health care spending.” 

HSAs were created in the new Medicare law passed by Congress.  Individuals are allowed to set aside money on a tax-free basis in an HSA.  Individuals may contribute up to the amount of the deductible in a high-deductible health plan.   Funds in HSAs are allowed to grow and be withdrawn tax-free for medical purposes, and unused funds are rolled over from year to year.   

“HSAs empower Americans to be smart health care consumers, and the high-deductible health plan accompanying an HSA ensures protection from high medical costs,” Ramstad said.  “It is only fair that individuals be allowed to deduct the premiums of these plans from their taxes, just as businesses currently can.”

The HSAs for the Uninsured Act has 43 cosponsors and the support of the HSA Coalition, U.S. Chamber of Commerce, National Association of Manufacturers (NAM), National Federal of Independent Business (NFIB), Small Business Survival Committee, National Association of Health Underwriters and others.

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