Mansfield Times

On April 20, Congressman Bob Latta (R-OH5) introduced legislation, the Stop Penalizing Working Seniors Act, to expand access to health savings accounts (HSAs) and fix a technicality prohibiting individuals who are receiving social security benefits from contributing to their HSA accounts. Congresswomen Ashley Hinson (R-IA2) and Stephanie Bice (R-OK5) joined Latta in helping introduce this legislation.

 

Health Savings Accounts allow individuals to make tax-free contributions and use the money for qualified medical expenses. In order to contribute to an HSA, an individual must be enrolled with a High-Deductible Health Plan. Under current law, once an individual begins to collect Social Security benefits, they are automatically enrolled in Medicare Part A. They are then disqualified from making any further contribution to their HSA account.

The Stop Penalizing Working Seniors Act would remove the prohibition on contributions to an HSA if an individual was enrolled solely in Medicare Part A. Latta originally introduced this legislation during the 116th and 117th Congresses after hearing from constituents who had been directly affected by the issue.

“Seniors should have the ability to continue saving for their present and future health care costs,” Latta said. “Unfortunately, many working seniors who are enrolled in Medicare Part A are currently not allowed to continue contributing to their crucial Health Savings Accounts. This unnecessary barrier limits our seniors’ health care options, which is why I am leading the Stop Penalizing Working Seniors Act to ensure seniors are able to access and pay for their health care needs.”

 

“Under current law, some seniors are unable to contribute to, or use, HSAs simply because they are still in the workforce,” Hinson said. “This legislation fixes this technicality that unfairly punishes seniors who wish to use HSAs. I’ll continue working to lower costs and increase health care options for Iowans, especially our seniors.”

 

“I am proud to be an original cosponsor of Rep. Latta's legislation, the Stop Penalizing Working Seniors Act,” Bice said. “This legislation would expand access to Health Savings Accounts (HSAs) and fix a technicality that currently prohibits individuals who receive Social Security benefits from contributing to their HSAs. With rising inflation, we must continue to provide relief for those on fixed incomes.”

Original source can be found here.