{"database": "press", "table": "releases", "rows": [["https://fitzpatrick.house.gov/2024/8/fitzpatrick-colleagues-introduce-bipartisan-legislation-to-enhance-savings-and-improve-health-care-affordability", "Fitzpatrick, Colleagues Introduce Bipartisan Legislation to Enhance Savings and Improve Health Care Affordability", "2024-08-28", "2024", "2024-08", "Republican", "House", "PA", "Brian K. Fitzpatrick", "F000466", "fitzpatrick.house.gov", "fitzpatrick", "https://fitzpatrick.house.gov/press-releases", "scraper", "WASHINGTON, DC \u2013 Congressman Brian Fitzpatrick (PA-1) was joined by Representatives Blake Moore (UT-1), Jimmy Panetta (CA-19), Brad Schneider (IL-10), Adrian Smith (NE-3), and Raul Ruiz (CA-35) to introduce the Health Out-of-Pocket Expense (HOPE) Act. This bipartisan legislation will establish a tax-advantaged account that allows millions of Americans with most types of insurance coverage to save for health care costs through individual and employer contributions.\n\n\u201cThe HOPE Act will directly help individuals in my community and nationwide battling soaring medical costs,\u201d said Congressman Fitzpatrick. \u201cThrough this bipartisan legislation, HOPE Accounts will deliver an alternative option that lets our hard-working families take control of their health expenses\u2014free from the crushing weight of the high cost of healthcare in our country.\u201d\n\n\u201cOne of the biggest issues I hear about from Utah patients, providers, and employers alike is the cost of health care, and addressing this pressing challenge remains a top priority for me in Washington,\u201d said Congressman Moore. \u201cI am grateful to introduce the bipartisan HOPE Act to create a new tax-advantaged savings account that will help families plan and save for medical expenses. The HOPE Act is a step in the right direction in making health care more affordable for Utahns and Americans across the country.\u201d\n\n\u201cWorking families need additional ways to plan and save for unexpected out-of-pocket health expenses,\u201d said Congressman Panetta. \u201cThis bipartisan legislation would create tax-preferred Health Out-of-Pocket Expense Accounts that incentivize Americans to save for future medical expenses not covered by their insurance. Through commonsense, straightforward action we can ensure that individuals and working families around our country are planning for their financial well-being and future health needs.\u201d\n\n\u201cI am proud to introduce the HOPE Act, which will create a new tax-advantaged savings account for healthcare expenses geared specifically towards working-class individuals and families,\u201d said Congressman Schneider. \u201cImportantly, HOPE Accounts are compatible with any type of comprehensive health insurance plan, allowing account holders to maintain robust coverage while they save. As healthcare costs continue to rise, enabling families to efficiently save for future expenses via HOPE Accounts will promote both financial and physical well-being.\u201d\n\n\u201cUnexpected health care bills can be devastating for hard-working families, but most health coverage options don\u2019t come with built-in ways to help families prepare for an emergency,\" said Congressman Smith. \"HOPE Accounts would give American families a new tool to protect themselves and their household finances from a surprise illness or injury.\"\n\n\"The HOPE Act is a crucial advancement in assisting families with the increasing costs of medical care,\u201d said Congressman Ruiz MD. \u201cHOPE Accounts provide hardworking families with a new way to save for health expenses, independent of costly high-deductible plans.\"\n\nBackground:\n\nHealthcare costs continue to climb, often outpacing the national rate of inflation and the average annual growth in GDP. The HOPE Act will help families across the country manage their out-of-pocket costs and save for future medical care.\n\nA HOPE Account would be similar to a Roth savings account and provide certain tax advantages and investment options for individuals and families to save for future healthcare expenses:\n\nAnyone with qualifying coverage, including in the commercial market, Medicare, Medicaid, the Indian Health Service, and other sources of health care coverage is eligible to contribute to a HOPE Account.\n\nAn individual\u2019s contributions would not be tax deductible, though employer contributions are deductible to the employer, as well as excludible from income and employment tax for individuals with an adjusted gross income of $100,000 or less or $200,000 or less for a family.\n\nEmployers and state programs may annually make contributions to a HOPE Account of up to 50% of the annual limit.\n\nThe maximum annual contribution from all sources to a HOPE Account is $4,000 for those with self-only coverage, or for married individuals with separate HOPE Accounts. For those with family coverage, that amount is $8,000 for a head of household or married individuals filing jointly who elect to set up a family account. Any contributions to an HSA, FSA, or HRA reduce the maximum contribution to a HOPE Account that year.\n\nAs the account grows, the earnings remain tax-free if the funds are used for qualified medical expenses.\n\nThe full text of this legislation can be found here.\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-07T21:36:13Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://fitzpatrick.house.gov/2024/8/fitzpatrick-colleagues-introduce-bipartisan-legislation-to-enhance-savings-and-improve-health-care-affordability"], "units": {}, "query_ms": 2.9094722121953964, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}