U.S. Rep. Chip Roy (R-Texas) | U.S. Representative Chip Roy Press Office | Facebook
U.S. Rep. Chip Roy (R-Texas) | U.S. Representative Chip Roy Press Office | Facebook
Texas Legislators Rep. Chip Roy (R-TX-21) and Sen. Ted Cruz (R-TX) have introduced the "Personalized Care Act," a groundbreaking initiative aimed at expanding Health Savings Accounts (HSAs) to empower Americans with greater autonomy in their healthcare decisions, challenging the prevailing healthcare paradigm and receiving widespread support, according to an Aug. 7 press release. The legislation seeks to grant millions of Americans nationwide increased authority over their healthcare decisions.
"The American healthcare system is broken, and the American people are taking it on the chin — all while big ‘healthcare’ companies get rich off this crony capitalist racket," Rep. Roy said in the press release. "The Personalized Care Act would help end run this broken system by circumventing middlemen and bureaucrats and giving patients the direct power to make their own healthcare and coverage decisions, ultimately driving up competition to drive down prices. The quasi-government-controlled healthcare cartel we have isn't working; it's time for Healthcare Freedom."
According to the press release, the proposed legislation, dubbed the "Personalized Care Act," aims to grant millions of Americans authority over their healthcare decisions through the expansion of Health Savings Accounts (HSAs), enabling individuals to establish personalized approaches to their medical care.
The legislation involves decoupling HSAs from high deductible health insurance plans, expanding eligibility to various programs, raising contribution limits significantly, broadening the range of allowable withdrawals to include medical fees and insurance premiums, clarifying definitions for medical expenses, and reducing the tax penalty for nonqualified distributions, per the press release.
According to Wilson County News, Rep. Roy R-Texas is the lead sponsor of the Personalized Care Act in the House of Representatives
In Oct. 2022, Americans for Prosperity publicly endorsed the bill. According to Dean Clancy, senior health policy fellow at Americans for Prosperity, only around 10% of Americans are eligible for HSAs, contributing to higher costs and less transparency. Clancy highlights that tax-free HSAs provide individuals with more control over healthcare expenses and states that addressing the inequity of HSA access is crucial to reducing healthcare costs, enhancing patient responsiveness, and enabling more personalized healthcare options.
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