WASHINGTON – In a move to boost usage of Health Savings Accounts, Chief Deputy Majority Whip Eric Cantor (R-Va.) has introduced the Flex Health Savings Accounts (Flex HSAs) Act. HSAs are tax-free savings accounts that can be used to pay for medical expenses including prescription and over-the-counter drugs incurred by individuals, spouses or dependents. Unused HSA money rolls over from year to year and can then be used to pay for medical care up to the plan’s deductible. The bill would allow employees to use their HSAs in conjunction with flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs) and would also lift restrictions that prevent HSA contributions above the annual deductible. Bill advocates say the current failure to allow HSAs to be used in conjunction with FSAs or HRAs leaves employees worried that their medical costs will exceed their HSA amount. They add that by allowing coordination, individuals can limit their out-of-pocket exposure to medical expenses. “HSAs are working to cover the uninsured and small business workers and to reduce health care costs but can be expanded so more cost-savings can be realized,” said Cantor. “We want to continue to take down the barriers to consumer driven health care.”

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