Republican pitches health savings accounts 'on steroids' that Americans could use to buy insurance — and steak
Amid the current Obamacare fight plaguing Congress, Rep. Eric Burlison, R-Mo., envisions a new kind of program that could help users purchase health insurance — and steak — similar to...
By Fox News · Fox News
Amid the current Obamacare fight plaguing Congress, Rep. Eric Burlison, R-Mo., envisions a new kind of program that could help users purchase health insurance — and steak — similar to health savings accounts (HSAs). "This new product would basically be a super HSA on steroids connected to a cafeteria plan that’s connected to charitable donations," Burlison said. "Imagine, instead of getting your insurance through your employer, you go out and create your own account. We'll call it a MAHA account, OK? And in that account, your employer would then deposit the money that they would normally pay to subsidize your premium," Burlison said, referring to the Make America Healthy Again slogan used by the health-focused wing of the GOP. HOUSE GOP SPLITS OVER OBAMACARE FIX AS COSTS POISED TO SPIKE FOR MILLIONS Burlison’s proposal, which follows calls from President Donald Trump to reroute federal dollars for health insurance assistance straight to policyholders, would require a complete overhaul of how HSAs work. His proposal is also emblematic of efforts to eliminate current policy restrictions Republicans believe limit consumer choice and flexibility when it comes to healthcare. Under their current framework, HSAs provide users with a tax-free account that can be set up with a bank or insurance company. "An HSA is a tax-exempt trust or custodial account you set up with a qualified HSA trustee to pay or reimburse certain medical expenses you incur," the IRS states. Every year, the IRS puts out a list of expenses HSA holders can use their accounts for. These can include anything from massage therapy guns to Warby Parker glasses. The list currently excludes health insurance. BIPARTISAN DEAL ON OBAMACARE SUBSIDIES FADES AS REPUBLICANS PUSH HSA PLAN Burlison believes that by eliminating that restriction, his new accounts could help users make more careful decisions about their policies and give users a way to find alternatives to plans offered under the Affordable Care Act (ACA)…