Congressman Bob Latta introduces bill to expand access to health savings accounts for seniors

WASHINGTON, DC—Congressman Bob Latta (R-OH5) has introduced a bill aimed at expanding access to health savings accounts (HSAs) for seniors. The Stop Penalizing Working Seniors Act would remove the current technicality prohibiting individuals who are receiving Social Security benefits from contributing to their HSA accounts, thus allowing individuals enrolled in Medicare Part A to continue contributing to their health savings accounts.

HSAs enable individuals to make tax-free contributions and use the money for qualified medical expenses. To contribute to an HSA, an individual must be enrolled in a High-Deductible Health Plan. However, under current law, individuals who begin collecting Social Security benefits are automatically enrolled in Medicare Part A and are therefore prohibited from making any further contribution to their HSA account.

Congresswomen Ashley Hinson (R-IA2) and Stephanie Bice (R-OK5) joined Latta in introducing this legislation. The bill aims to fix the technicality that unfairly punishes seniors who wish to use HSAs, limiting their healthcare options.

Latta had originally introduced this legislation during the 116th and 117th Congresses after hearing from constituents directly affected by the issue. The new bill seeks to allow seniors to continue saving for their present and future health care costs, said Latta. He added that the current prohibition limits the options of seniors for their health care needs.

The bill has received support from Hinson, who said that some seniors are unable to contribute to or use HSAs simply because they are still in the workforce. She aims to continue working to lower healthcare costs and increase healthcare options for Iowans, particularly seniors. Bice has also expressed support for the bill, stating that it would expand access to HSAs and provide relief for those on fixed incomes in the face of rising inflation.

The Stop Penalizing Working Seniors Act will address this issue and ensure that seniors have access to crucial health savings accounts, according to the lawmakers behind the bill.