RESTORING ACCESS TO MEDICATION AND IMPROVING HEALTH SAVINGS ACT OF 2016

Mr. Speaker, I would much rather be discussing a bill that would get automatic and semiautomatic weapons out of our lives. Nevertheless, I strongly oppose H.R. 1270. This bill gives advantage to the most secure in our country at the expense of the vulnerable. If you really look at it, it is kind of Robin Hood health care in reverse.

According to the Joint Committee on Taxation, health savings accounts vastly benefit high-income earners. Fewer than 0.5 percent of taxpayers with incomes under $50,000 contribute to HSAs, yet 6.3 percent of taxpayers who earn over $500,000 contribute to these accounts. This is not surprising because it is high-income earners who can set aside thousands of dollars in HSAs. The median income in my congressional district is $51,311. The vast majority of my constituents will not benefit from this bill, but they will be harmed by it.

To pay for the $24 million boon to the upper income, this bill hikes up the healthcare costs of low- and middle-income Americans. When low- and middle-income families receive financial help to make their ACA health insurance more affordable, the ACA wisely protects them from excessive penalties if they incorrectly predict their annual incomes. Shockingly, H.R. 1270 removes these important consumer protections from thousands of low- and middle-income families in order to pay for the tax breaks for the wealthy.

In addition to increasing costs for struggling families, the bill would result in approximately 130,000 fewer individuals who are covered by health insurance. HSA expansion is not a substitute for comprehensive healthcare reform. HSA expansion does not lower healthcare costs nor improves the quality of healthcare services.