<p>Many lawmakers and politicians seek to do away with Obamacare, but can&rsquo;t seem to find a replacement. Meanwhile, Americans continue to struggle with hefty fees, high premiums, and measly coverage.</p>
<p>All of this might change if the <em>Health Savings Account Expansion Act of 2016</em> (HR 5324) is passed. The proposal, introduced by Rep. Dave Brat (R-VA) and Sen. Jeff Flake (R-AZ), aims to put Americans back in charge of their healthcare by expanding and simplifying health savings accounts (HSAs).</p>
<p>An HSA is a tax-advantaged account used to pay for out-of-pocket medical expenses. HSAs are typically used in conjunction with insurance plans, the latter of which traditionally cover large or unexpected health costs. ;Brat and Flake&#8217;s bill ;focuses on four key reforms to provide Americans with access to patient centered healthcare that fits their needs and to keep healthcare costs at a minimum: ;</p>
<p><strong>1.</strong> Raising contribution limits to $9,000 (single)/ $18,000 (joint)</p>
<p><strong>2.</strong> Lifting the burden of ACA restrictions on normal, over-the-counter purchases ;</p>
<p><strong>3.</strong> Allowing HSA funds to cover premiums and direct primary care expenses ;</p>
<p><strong>4.</strong> Eliminating the high deductible health plan mandate and other unneeded regulatory requirements ;</p>
<p>In one fell swoop, the proposal gives ;prudent individuals the option to save more, erases some of the government&rsquo;s interference in personal medical decisions, enables individuals to determine where and when they will spend their health savings, and protects Americans against the hidden costs of bureaucracy. ;</p>
<p>By expanding options for personalized medicine, the <em>HSA Expansion Act</em> will make healthcare more market friendly. It will lead to a bidding down in prices as proper market signals are exchanged between patients and providers. ;</p>
<p>The preservation of existing tax provisions will allow individuals to access and pay for healthcare at their discretion, whether through an employer or other entity. HR 5324 will also ;reduce the burden on employers by empowering workers to control their own compensation &ndash; further reducing the overall cost of healthcare. ;The proposal also includes language that would prevent the federal healthcare bureaucracy (Health and Human Services) from removing HSA-eligible plans from 2017 exchanges. ;</p>
<p>Sen. Flake and Rep. Brat&rsquo;s <em>HSA Expansion Act</em> will empower working class Americans to take control over their healthcare as well as push the pendulum of federalism back towards the founders&rsquo; intended vision. ;Clearly, this bill makes several needed and commonsense improvements to health savings accounts that will increase healthcare freedom for American families. ;</p>