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July 31, 2006
New HSA bill could surpass guaranteed issue requirement
Rep. Mike Rogers (R-Mich), has introduced H.R. 5475, the Health Savings Account (HSA) Accessibility and Portability Act. The bill would require insurance carriers to make the high-deductible health plans that accompany Health Savings Accounts portable, as well as cap the rates of individual policies. As a result, insurance companies would avoid guaranteed issue requirements.
"With health savings accounts becoming more and more popular with employees in small businesses, and the accounts being portable from one job to another, we need to provide the same portability for the high-deductible policies that give them backup for their HSAs in the event of major health problems," Rogers said in a statement.
The bill could further fuel business interest in HSAs and at the same time give insurance carriers relief from guaranteed issue requirements for small groups. Rogers says his bill will make insurance more affordable for small businesses because, as some experts say, the guaranteed issue requirements add about 25% to the cost of coverage.
Posted by Wiley Long at July 31, 2006 11:01 AM
Comments
When this bill would be approved? the youngsters like me might not enjoy. Hopefully would be the last bill that President Bush will sign
Posted by: Pablo S. Guerrero at July 31, 2006 11:24 AM
Hi Pablo,
There are plenty of bills that get introduced, and (relatively) few that actually get signed into law. I'll keep you posted if anything happens with this one.
Wiley
Posted by: Wiley at August 7, 2006 06:16 PM