Known as The Family and Retirement Health Investment Act of 2011, Hatch's bill would:
- Allow a husband and wife to make catch-up contributions to the same Health Savings Account.
- Remove the onerous new restrictions on the use of Health Savings Accounts and flexible Sending Accounts dollars for the purchase of over the counter drugs.
- Allow individuals to roll-over up to $500 from their Flexible Spending Accounts.
- Clarify the use of prescription drugs as preventive care that will not be subject to the Health Savings Account-eligible plan deductible.
- Reauthorize the use of Medicaid health opportunity accounts.
- Promote wellness by expanding the definition of qualified medical expenses to encourage more exercise and better diet.
- Allows seniors enrolled in Medicare Part A to continue contributing to their Health Savings Accounts.
- Allow for the purchase of low-premium health insurance and long-term care insurance with Health Savings Accounts dollars.
Repeals the recently enacted deductible limits of $2,000 for single coverage and $4,000 for family coverage for plans sold to small employers.- Allows for purchase of Cobra coverage, long term care insurance and Health Savings Accounts-qualified policies from a Health Savings Account.
"This legislation will provide American workers and retirees with a common-sense way of improving access to quality, affordable health care," said Hatch, a ranking member of the Senate Finance Committee. "These health plans empower Americans to take control of their health and well-being. Health Savings Accounts and Flexible Spending Accounts allow consumers to make informed decisions about their health care and will help restrain costs by putting people in charge of their health choices."
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