Steube and Hill Introduce Catch-Up Act
WASHINGTON — U.S. Representatives Greg Steube (R-Fla.) and French Hill (R-Ark.) today introduced the Catch-Up Act to expand eligibility for individuals to make catch-up contributions to the Health Savings Accounts of their spouse.
Under current law, Health Savings Accounts (HSAs) are limited to the individual, their spouse, and their immediate family. While individuals are permitted to make catch-up contributions to their own respective HSA, married individuals younger than 55 years old are barred from making catch-up contributions to the HSA of their spouse. As a result, millions of Americans are denied the full benefits of investing in an HSA.
The Catch-Up Act will relax this rule to permit families to invest more of their savings into HSAs through catch-up contributions. By allowing all married individuals to make catch-up contributions to their spouse’s HSA, families will have more financial security and freedom to respond to medical costs.
“Health Savings Accounts have expanded access for millions of Americans to the quality healthcare their families deserve. However, existing laws have hamstrung the ability of families to respond to healthcare emergencies with pointless regulations blocking individuals from utilizing their HSA to cover a loved one’s medical expenses. It only makes sense for us to build upon the success of HSAs with a focus on family economics and freedom,” said Rep. Steube. “My bill with Congressman Hill will allow Americans to make catch-up contributions to their spouse’s HSA, ensuring financial security and better healthcare outcomes by expanding freedom.”
“Health savings accounts are a smart way for families to plan for medical expenses, but the current rules do not reflect how real families make decisions and manage daily life. Right now, spouses can use their HSA to pay for each other’s medical care, but they cannot make catch-up contributions to each other’s accounts. It is a ridiculous rule that needs to be changed,” said Rep. Hill. “We need to give Americans the flexibility to plan, save, and make health care decisions that work for their families. That is why I am glad to partner with Representative Steube on this commonsense fix that will make it easier for families to support each other and take control of both their health and their finances.”
Read the bill text here.
