Senate Resolution 139

Chair's Name: Larry O�Neal

Committee: Ways & Means

Senate Sponsor: Judson Hill

SR 263 urges Congress to increase the amount of contributions that individuals may make to their HSAs.

This bill received a Do Pass recommendation from the Ways & Means Committee and comes to the House Floor under the Open Rule. 

Chairman O�Neal�s opinion of this legislation:

WHAT PROBLEM/OPPORTUNITY DOES THIS LEGISLATION ADDRESS?

SR 139 urges Congress to raise the amount of allowable deductions for contributions to health savings accounts, to allow persons age 45 and older to deduct up to $10,000 each year as �catch up� contribution, and to allow all individuals to pay for their health insurance premiums with pre-tax dollars. 

WHAT IS THE DRIVING FORCE BEHIND THIS LEGISLATION?

Raising the allowable deductions on contributions to HSAs can improve the provision and affordability of health care services.  Increasing the amount that individuals may contribute to their HSAs will allow citizens to accumulate funds to cover their health care needs over time

THIS LEGISLATION:

• Reduces the Size of Government:

Enhances the ability of citizens to finance their health care costs.

• Strengthens the Traditional Family Structure

This would encourage citizens to save for their families� health care costs

• Reduces the Tax Burden on our Citizens:

This would reduce the tax burden on those that choose to save for their health care costs, and encourages consumer awareness of health care costs.

• Increases Personal Responsibility:

This would incentivize citizens to save for their health care costs, thus relying upon themselves rather than government for their respective health care needs.