Ted Cruz seeks to expand accessibility to healthcare through pre-tax savings accounts
Under the Personalized Care Act, which was filed by Cruz late last week, those who receive healthcare benefits through Health Savings Accounts could see their options become more portable by becoming more accessible through major medical health insurance plans nationwide.
HSAs are personal savings accounts that can be used to cover certain healthcare expenses by withdrawing money tax-free, so long as the funds go toward qualified medical costs such as deductibles, copayments, insurance costs, and more. Through the Personalized Care Act, HSA holders would be able to expand their health insurance plans by allowing patients to use the accounts to pay for periodic fees such as direct primary care or health care sharing ministries. In doing so, the legislation would establish such arrangements as being “qualified medical expenses.”
The bill would lift the contribution limits account holders could use, increasing the maximum amount to $10,800 for individuals and $29,500 for families. The legislation would also repeal any enhanced penalties for nonqualified distributions.The Personalized Care Act is co-sponsored in the Senate by Sens. Mike Braun and James Risch , and a version of the bill is set to be introduced by Rep. Chip Roy .
"The American healthcare system is broken, and the American people are taking it on the chin — all while big ‘healthcare’ companies get rich off this crony capitalist racket," Roy said."The Personalized Care Act would help end run this broken system by circumventing middlemen and bureaucrats and giving patients the direct power to make their own healthcare and coverage decisions, ultimately driving up competition to drive down prices.
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