You may recall a few months ago we highlighted the fact that only 10% of Americans can currently access a Healthcare Savings Account (HSA).
If you’ve never had an HSA that may sound like a small deal. But really, these plans not only allow individuals to save money on healthcare, they also allow for a wider range of services to be covered, save people money on taxes, and can even act as investment accounts.
So, if like us, you’ve been bummed about your inability to access a HSA ever since we wrote about it – we have good news!
US Representative Chip Roy just introduced a new bill called the Healthcare Freedom Act of 2022 that, among other things, would greatly expand the number of people who can set up an HSA.
One of our favorite healthcare experts and senior health policy fellow at Americans for Prosperity, Dean Clancy, said, “Tax-free Health Savings Accounts save people money and give them more control over their health care by putting them in charge of their health care dollars.”
He continued, “The fact that 90% of Americans can’t have a HSA is a major injustice that must be addressed if we truly want to reduce health care costs and make the health system more responsive to patients. Expanding access to HSAs is key to creating more personalized options in health care, and we applaud Rep. Roy for including this solution in his Healthcare Freedom Act.”
This brilliant new bill would banish big pharma, big insurance, and big government from the doctor's exam room — by putting patients in charge. Kudos @chiproytx cc @HouseGOP @SenateGOP @HouseDemocrats @SenateDems @hsasforall @afphq https://t.co/fprKnpDimy
— Dean Clancy (@DeanClancy) October 18, 2022
According to Rep. Roy’s announcement on the bill, “H.R. 9160, the Healthcare Freedom Act would create a ‘Health Freedom Account’ modeled after the current Health Savings Account (HSA). But, unlike restricted HSAs, H.R. 9160 would allow anyone to hold a Health Freedom Account, and allow tax-free withdrawals for insurance, direct primary care, healthcare sharing options and medications. Importantly, this bill would also equalize the employer-employee tax structure for healthcare by allowing everyone to contribute to HFAs tax-free.”
My oped: “Govt-corporate collusion is killing doctor-patient driven health care. Free-thinking Americans, doctors… & innovative companies are better trusted w/ our health care than corporate or government bureaucrats. It’s time for #HealthcareFreedom.” https://t.co/IXCXwVar4q
— Chip Roy (@chiproytx) October 18, 2022
“The American People are sick and tired of a healthcare system that works to the advantage of everyone but the doctor and the patient. Big Healthcare – built on a foundation of crony-capitalism and power hungry politicians – has destroyed the affordability of and restrained access to the greatest medical care in the world,“ said Roy in a statement. “It’s time to end that. It’s time to cut through the knot of government-corporate bureaucracy and put power back in the hands of those who actually provide it and those who actually receive it,” he concluded.
We couldn’t agree more.
I covered the ways the government destroyed our healthcare market in an early episode of BASED years ago, which you can watch here.
But the Cliffs Notes version is this: the government colluded with health insurance markets, universities, and medical associations to limit the supply of healthcare, keep prices artificially high, and pick winners and losers when it comes to which preferred services are covered by insurance and which are not. All of this led to skyrocketing prices in the healthcare market. It also pushed people away from natural medicines and therapies, and reduced the amount of say the patient has over their own treatment.
Enough is enough.
The Left’s only solution to high healthcare prices is to give the government, which created the problem in the first place, unilateral control of our healthcare system. That’s an absurd proposal. Instead, we need to get the government and the crony insurance companies and hospital associations out of the mix by giving patients and doctors control of their own relationship again.
The Healthcare Freedom Act of 2022 would be a step in the right direction.
Hannah Cox is a fellow with Americans for Prosperity.