Congressman Jake LaTurner joins Senators Marco Rubio and Tim Scott to reintroduce the Health Savings Act.

 This legislation would simplify and expand Health Savings Accounts and Flexible Spending Accounts, providing Americans with opportunities to save for medical costs through tax-deductible contributions.

 LaTurner says the ability to expand and update medical savings accounts will give Americans more flexibility and financial control over their healthcare.

 Recent polls indicate bipartisan support for these accounts, however, just 10 percent of Americans are able to use an HSA. LaTurner attributes that to owners' restriction to narrowly defined high deductible health plans. The Health Savings Act would eliminate that restriction, in addition to increasing how much individuals can save in their accounts and the array of items and coverage options they can purchase with them.

 This legislation would also increase the maximum contribution limit for HSAs so that it matches the out-of-pocket limit for HSA-eligible health plans, allow working seniors and their employers to continue contributing to an HSA after reaching the Medicare eligibility age of 65, allow you to use your tax-free HSA funds to pay health insurance premiums, including dollars spent on prescription and over-the-counter medicines or drugs as “qualified medical expenses” for which HSAs can be used, and let you use your HSA to pay for alternatives to insurance like direct primary care arrangements.