Sending Office: Honorable Ami Bera
COSPONSOR H.R. 3796, THE HEALTH SAVINGS FOR SENIORS ACT
Endorsed by: Association of Mature American Citizens, Better Medicare Alliance, Corporate Health Care Coalition, Employers Council on Flexible Compensation, Healthcare Leadership Council, National Association of Health Underwriters
We invite you to join as a cosponsor of H.R. 3796, the Health Savings for Seniors Act, to allow seniors covered by Medicare to contribute to a health savings account (HSA).
According to recent estimates, a healthy couple retiring this year will need nearly $390,000 for medical expenses in retirement. But, unfortunately, working seniors cannot keep maximizing the benefits of one
of the most effective financial tools to pay for health care expenses, an HSA. Under current law, Medicare beneficiaries are prohibited from continuing to contribute to or opening a new health savings account; they may only draw down from it.
The Health Savings for Seniors Act would help alleviate significant financial burden on working Medicare beneficiaries by allowing them to continue adding to or create a new health savings account. This will allow them to continue to save their
own pre-tax funds to help pay for out-of-pocket medical expenses such as copayments, deductibles, glasses, hearing aids, dental care, and prescription drugs. The bill also makes certain changes in order to align the rules regarding seniors on Medicare who
have HSAs to be the same as those under 65 who have HSAs.
Health savings accounts were established by Congress in 2003. This savings tool is particularly important as health care costs increase with age and Medicare beneficiaries face significant out-of-pocket expenses. One report found that Medicare beneficiaries
had on average $3,024 of out-of-pocket health care expenses in 2016. Congress is working diligently to lower health care costs for Americans; this is one way to help seniors pay for their health care.
Ami Bera, M.D.
Member of Congress
Member of Congress
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