Sen. Ted Cruz, R-Texas, is introducing a bill that will "increase accessibility to healthcare" for taxpayers who use Heath Savings Accounts (HSAs).
The Personalized Care Act (PCA), co-sponsored by Sens. Mike Braun, R-Ind., and James Risch, R-Idaho, would expand HSAs, which are a pre-tax savings tool millions of Americans use to cover the cost of their health care.
"I am proud to lead the fight to increase accessibility to healthcare. By considerably expanding HSAs, Texans — and all Americans — will gain access to more portable, individualized healthcare," Cruz said in a statement to the Washington Examiner.
"American people should be able to manage their own healthcare, not the bureaucracy. It’s time to remove the middleman, and allow Americans to make decisions about how and when they will get care for themselves. I urge my colleagues to pass this legislation expeditiously."
HSAs are personal savings accounts that can be used to cover certain healthcare expenses — medical costs such as deductibles, copayments, insurance costs, and more — by withdrawing money tax-free.
Under the PCA, people who receive health care benefits through HSAs could see their options become more portable by becoming more accessible through major medical health insurance plans nationwide.
The legislation would lift the maximum HSA contribution limits to $10,800 for individuals and $29,500 for families.
The legislation would decouple HSAs from high deductible health insurance plans and expand the accounts to Americans in major medical health insurance plans and government health programs, as well as those participating in other present and future innovative forms of healthcare financing, the Wilson County News reported.
The PCA would allow patients to use the HSAs to pay for periodic fees such as direct primary care or health care sharing ministries.
A version of the Senate bill is set to be introduced in the House by Rep. Chip Roy, R-Texas.
"The American healthcare system is broken, and the American people are taking it on the chin — all while big healthcare companies get rich off this crony capitalist racket," Roy said. "The Personalized Care Act would help end run this broken system by circumventing middlemen and bureaucrats and giving patients the direct power to make their own healthcare and coverage decisions, ultimately driving up competition to drive down prices. The quasi-government-controlled healthcare cartel we have isn't working; it's time for Healthcare Freedom."