Legislative Alert

(comments: 0)

Hatch/Paulsen Introduce Family and Retirement Health Investment Act of 2011

Late last week, Senator Orrin Hatch (R-UT), Ranking Member, Senate Finance Committee and Representative Erik Paulsen (R-3rd, MN) introduced the “Family and Retirement Health Investment Act of 2011.”  The bill numbers are not yet available.  The legislation makes a number of changes to strengthen and expand health savings accounts (HSAs) and flexible spending accounts (FSAs).  Specific provisions in the legislation would:

  • allow a husband and wife to make catch-up contributions to the same HSA;
    remove the requirement that an individual have a physician’s prescription to obtain HSA or FSA reimbursement for OTC drugs;
  • allow individuals to roll-over up to $500 from their FSA accounts;
  • clarify the use of prescription drugs as preventive care that will not be subject to an HSA-eligible plan deductible;
  • reauthorize the use of Medicaid health opportunity accounts;
    promote wellness by expanding the definition of qualified medical expenses to encourage more exercise and better diet;
  • allow seniors enrolled in Medicare Part A to continue contributing to their HSAs; and
  • allow for the purchase of low-premium health insurance and long-term care insurance with HSA dollars.

For more details or summaries you can access them in PDF format as follows: Legislative Text, Short Summary and Long Summary. We will discuss the legislation in greater detail during out next Members Primary Contacts call which will take place on June 14th. 

Go back

Comments

Add a comment

Please add 4 and 5.