As we enter a new presidential election cycle, it appears that health care will once again be a leading issue for candidates from both sides. Many Democrats continue to push for single-payer health care, while the Trump administration seems to be doubling down on its position to support court decisions against the Affordable Care Act. Though differences of opinion abound, one of the primary goals of health care reform is to enable people to better manage their health care costs throughout life. To this end, people on all sides of the issue should strongly consider expanding health savings account (HSA) legislation to allow all Americans to set tax-deductible funds aside for medical expenses and retirement savings.

Health savings accounts became law and were implemented in 2004 in response to rising health care costs and the subsequent burden placed on citizens to shoulder more of their health-related expenses. The foundation for HSAs was the Kassebaum Kennedy Act, a 1998 health care bill named after Senators Nancy Kassebaum (R, Kansas) and Edward Kennedy (D, Massachusetts), which earned bipartisan support and paved the way for medical savings accounts, a precursor to the HSA.

Related: The Trump Administration, consumer directed health plans and the future

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

BenefitsPRO Broker Expo 2024Event

The premier educational and networking event for employee benefits brokers and agents.

Get More Information
 

BenefitsPRO Broker Expo 2024Event

The premier educational and networking event for employee benefits brokers and agents.

Get More Information
 

BenefitsPRO Broker Expo 2024Event

The premier educational and networking event for employee benefits brokers and agents.

Get More Information
 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.