Proposal Expanding HSA Access Introduced in House

Representatives Greg Steube (R-FL) and co-sponsor Kat Cammack (R-FL) have introduced H.R. 5608, the Affordable Care and Comprehensive Economic Support through Savings (ACCESS) Act. According to a press release, the proposal would allow individuals to elect to receive contributions to a health savings account (HSA) in lieu of reduced cost-sharing under health insurance obtained through a health insurance exchange.

Eligible insured individuals enrolled in an exchange-provided high deductible health plan (HDHP) for any month could choose to have a payment made to an HSA equal to 1/12 of the annual reduced cost-sharing equivalent in lieu of the reduction in cost-sharing determined under section 1402 of the Patient Protection and Affordable Care Act. Distributions from the HSA in any month such a payment is received would be restricted to qualified medical expenses.