Commonwealth Policy Center

The rising cost of medical care and the increase in health insurance premiums are constant concerns for Americans. What if citizens were empowered to take more control of their healthcare and reduce out of pocket expenses? That’s what U.S. Sen. Rand Paul intends to do with the Health Savings Account for All Act of 2020. It greatly broadens HSA eligibility, lifts contribution caps, and allows HSA’s to pay for health insurance premiums, and expands what counts as a “qualified expense.” According to the CDC’s National Center for Health Statistics, nearly half (45.8% of Americans) “under age 65 with private health insurance” had a high-deductible plan in 2018. Sen. Paul says his plan puts patients first and would lower the cost of health care and this is refreshing news to all of us.