Washington, D.C. – U.S. Sen. Jeff Flake (R-Ariz.) today introduced the Health Savings Account Expansion Act to streamline and expand health savings accounts (HSAs). A companion bill was also introduced in the House of Representatives by Rep. Dave Brat (R-Va.).

As health care costs continue to rise, HSAs provide consumers with the opportunity to save tax-free for their medical expenses. The Health Savings Account Expansion Act would further expand this important tool by increasing the annual contribution limits and allowing for more universal participation in HSAs. This legislation would also eliminate current regulations associated with HSAs and repeal some of the restrictions that were put in place by the Affordable Care Act.

“Easing regulatory burdens and increasing access to care through health savings accounts improves consumer choice and gives patients greater control of their own health care expenses,” said Flake.

"I want to expand options for American workers and families to get them the best health coverage and care that is tailored for their specific needs," said Brat. "This bill helps do that by equalizing the tax treatment for health insurance and care between different ways of paying for it. Instead of having to get coverage approved from the government, an employer, or an insurance company, people will be able to use their HSA funds directly for the products and services that they value."

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