ICYMI: Dr. Rand Paul Introduces the Health Savings Accounts for All Act

Press Release

Earlier this week, U.S. Senator Rand Paul (R-KY) continued his efforts to help Americans more easily meet their health care needs by introducing S. 4367, the Health Savings Accounts for All Act of 2020.

"As Americans' health care costs continue to rise, my plan puts more power in the people's hands, getting rid of unnecessary restrictions, expanding access, and trusting Americans to make the decisions that are best for their families with the money they have worked hard to earn," said Dr. Paul.

Currently, contributions to Health Savings Accounts (HSAs), which can be saved and spent tax-free on qualified expenses, are arbitrarily capped at $3,600 for individuals and at $7,200 for families in 2021[1], and most Americans are shut out from having an HSA due to not having a high-deductible health insurance plan.

According to the CDC's National Center for Health Statistics, 45.8% of Americans "under age 65 with private health insurance" had a high-deductible plan in 2018.[2]

As well as expanding access to HSAs and allowing the funds to be used to pay health insurance premiums, Dr. Paul's legislation contains reforms that include removing contribution limits on HSAs, greatly expanding the range of goods and services that can be paid for with HSA funds, and allowing the HSA to roll over to family members after the account holder's death.

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