The Personalized Care Act Could Offer Extended Tax Breaks on Health Care Expenses

Here’s a great idea that some of our forward-thinking politicians have crafted into a new bill, called the Personalized Care Act. This bill takes the seldom-used Health Savings Account (HSA) concept, and modernizes it for the 21st Century, allowing millions of Americans to “save” pre-tax dollars they spend on health care and medical expenses. As of January 20, 2020, both the Senate and the House have introduced bills aiming to strengthen and expand access to HSAs, which are currently confined to a limited number of American patients. The Senate and the House have proposed annual savings increases from $3,550 to $10,800 per individual and $7,100 to $29,500 per family. Better yet, the bill allows for premiums to be paid by the HSA. But the real kicker is, this bill would make HSAs available to Americans in all major medical health insurance plans and government health programs (Medicare, Medicaid, CHIP, etc.), as well those participating in other present and future innovative forms of healthcare financing, like healthcare sharing ministries, short-term limited-duration plans, and medical indemnity plans.

This bill will not only broaden American’s choice in selection of health coverage, but increase the financial freedom Americans should have when it comes to managing their health care expenses. US Healthshare will be watching this process very closely and reporting progress. If you would like to voice your opinion or support, make sure you contact your congressional representative and senators and ask about their stance on the Personalized Care Act, S. 3112 and H.R. 5596.

“The money contributed to an HSA is not taxed by the federal government, gains interest tax-free, and can be withdrawn to pay for certain medical expenses without paying tax on the increase in value. Every American should have access to these incredible tax free “savings” accounts.”

–Dr. Kimberly Legg Corba, Founder Direct Primary Care Alliance and DPC Action Board Member

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