It would repeal the “medicine cabinet tax” from Obamacare (which prevents over the counter medicines from being purchased with HSA dollars), allow both spouses to make “catch up” contributions to the same HSA
New Book Now Available For A LIMITED TIME … What Every Accountholder, Employer, and Benefits Consultant Needs to Know about Health Savings Accounts—and How to Use Them Strategically
| by Todd Berkley — updated last Fall for the new 2016 limits and slight changes such as VA eligibilty and same sex marriage changes.
By Ryan Ellis, Forbes, Contributor
JUNE 21, 2016 – It’s not surprising that HSAs have gone from partisan football to bipartisan cum-bay-yah in recent years. Over 20 million Americans now have a health insurance plan with an HSA. HSAs are making Obamacare a less unaffordable option for families. They are an integral and growing part of the national health insurance landscape.
The bills in question:
H.R. 1270, the “Restoring Access to Medications Act” is a combination of two bills offered by Congressmen Lynn Jenkins (R-Kan.) and Eric Paulsen (R-Minn.) It would repeal the “medicine cabinet tax” from Obamacare (which prevents over the counter medicines from being purchased with HSA dollars), allow both spouses to make “catch up” contributions to the same HSA, make it easier to pay for expenses incurred before the establishment of an HSA, and roughly double the tax deductible HSA contribution limit so it equals the out of pocket maximum. It is paid for in part by increasing the amount of windfall advanced tax credit under Obamacare which must be paid back to the Treasury.
