November 28, 2017
HSAs and the GOP Tax Bill How will the proposed House tax bill impact health care? First, it repeals Archer Medical Savings Accounts. Archer MSAs were enacted in 1996, likely to secure the GOP votes needed to pass the intrusive federal law known as HIPAA. Second, the bill creates new requirements for Health Savings Accounts. Interestingly, despite HSAs being in law since 2003, the bill will now require workers to report the amount their employer contributes to their HSA. But the employer’s contribution is not considered to be income for the employee. Do you think Congress should require the IRS to track these dollars if they’re not taxable? “Section 1311. Termination of Deduction and Exclusions for Contributions to Medical Savings Accounts,” Tax Cut and Jobs Act, H.R. 1, Rep. Kevin Brady, Government Publications Office, introduced November 2, 2017: https://www.congress.gov/115/bills/hr1/BILLS-115hr1eh.pdf U.S. Code: Title 26 - Internal Revenue Code: https://www.law.cornell.edu/uscode/text/26 “26 U.S. Code 106 - Contributions by Employer to Accident and Health Plans,” Legal Information Institute: https://www.law.cornell.edu/uscode/text/26/106
Presented daily by Twila Brase, President, Citizens’ Council for Health Freedom. The Health Freedom Minute is now heard in 47 states: Mornings M-Th at AM1280 (The Patriot) in MN and 91.5 AM WHKC (FreedomFM) in OH, afternoons on American Family Radio, and daily on the CSN network and Bott Radio Network.
