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I am proud to report that my bill to fix the tax code to allow Americans to transfer funds from Flexible Spending Accounts and Health Reimbursement Arrangement contributions into Health Savings Accounts has passed the Ways and Means Committee.
Currently, the law requires FSA and HRA balances to be spent by the end of the year or otherwise forfeited and returned to the employer. My bill will allow American workers, or those switching jobs, to preserve their unused FSA and HRA funds by removing this out-of-date use-it-or-lose-it policy, giving them the flexibility to save for future medical expenses tax-free, and allowing greater employer flexibility in health care spending from year to year.
The tax code should always work for Americans, not against them. By correcting this arbitrary rule, millions of Americans who rely on high deductible health care plans will be able to better save for medical expenses, tax free. I am grateful for my colleagues on the Ways and Means Committee for joining me to pass this commonsense legislation. I will never stop fighting to bring down health care costs for all Americans.
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