Tom Price, HSAs, and Changing Legislative Health Care Landscape
Americans awoke this morning to the news that President Trump’s nominee for Health and Human Services secretary, Congressman Tom Price, has been sworn in for his post as the head of this critically-important cabinet role for the health care industry.
As anticipated, a flurry of speculation about the future of the Affordable Care Act has unfurled, and the only certainty we have is that change is inevitable.
Widely regarded as the largest opponent of the Affordable Care Act, Secretary Tom Price has one of the largest tasks at hand of the new Trump administration – determining the future of the ACA’s coverage for millions of uninsured Americans and how to stem the growing concerns about managing health care costs.
It certainly has been a busy few weeks for the new Trump administration, but Tom Price’s appointment is the one that I have been watching most closely.
Why? Tom Price is a proponent of leveraging tax-advantaged health care savings accounts and has previously submitted legislation in favor of expanding the use of HSAs.
Sponsoring the Empowering Patients First Act of 2015, Tom Price advocated for raising the annual HSA contribution limit for participants, and also proposed expanding eligibility for making tax-deductible HSA contributions. It is largely anticipated that some of these components will become part of the proposed replacement for the ACA.
I expect the next few weeks to be filled with quite a bit of uncertainty and speculation, not just from consumers of health care services, but from the many employers that we provide with tax-advantaged consumer driven health care solutions for their own employees.
What these legislative changes mean for plan designs in coming years remains to be seen, but health care regulations will likely be changing to some degree, and employers need to stay ahead of these changes.
Harrison recently told me that “even in this politically charged climate, I’m hearing a lot of encouraging conversations around the future of consumer directed health care and the expansion of HSAs.
“I’m looking forward to leading a conversation about the new Administration’s health care policy priorities — and the procedural and political challenges in realizing such reform — that are likely to alter the delivery of employee health care benefits.”
Join Harrison for this informative and timely discussion as he shares what to watch for in the coming year as part of our Legislative Landscape Webinar Series. Throughout 2017, we will share the latest news, speculation from our time on Capitol Hill, and what this evolving landscape could mean for the future of health care in our country.
> Join the Webinar: Sign up for our February 23rd webinar to hear more about how the events in Washington are likely to impact consumer directed health care and tax-advantaged health accounts.
Disclaimer: ConnectYourCare does not provide tax or legal advice. This information is not intended and should not be taken as tax or legal advice. Any tax or legal information in this notice is merely a summary of ConnectYourCare’s understanding and interpretation of some of the current tax regulations and is not exhaustive. You should consult your tax advisor or legal counsel for advice and information concerning your particular situation before making any decisions.