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ABA applauds HHS decision on health savings accounts

200px-American_Bankers_Association_LogoThe American Banker Association applauded a recent decision by the Department of Health and Human Services to choose health savings accounts as the main provider for American’s health insurance.

“The American Bankers Association’s HSA Council applauds the Department of Health and Human Services for embracing Health Savings Accounts as a premier health insurance choice for all Americans,” Kevin McKechnie, the executive director of the ABA’s Health Savings Account Council, said. “Today’s proposal extends the same advantages employers already enjoy to small businesses and individuals. As a result, these groups will now have the ability to purchase the most affordable coverage available. While we’re pleased with the proposal’s actuarial value calculator, we also see opportunities for improvement. We believe the actuarial value rule for HSA-qualified plans should be constructed so that all employer, individual and insurance carrier contributions are counted at 100 percent.”

McKechnie said that the ABA plans to work with the Department of Health and Human Services in ensuring insurance coverage for Americans.

“We understand the complexity of the task before HHS and look forward to working with them to ensure that the greatest number of Americans possible have access to health insurance they can afford,” McKechnie said. “Preserving HSAs would go a long way in achieving this important goal.”

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