WASHINGTON--(BUSINESS WIRE)--ECFC, the leading nonprofit organization promoting choice in consumer-driven benefit solutions through advocacy and education, supports the provisions of H.R. 5688, the “Bipartisan HSA Improvement Act of 2023” and H.R. 5687, the “HSA Modernization Act of 2023.” The Committee will consider H.R. 5688, the “Bipartisan HSA Improvement Act of 2023” and H.R. 5687, the “HSA Modernization Act of 2023” on Thursday, September 28th.
“We appreciate the efforts of the members of the Ways and Means Committee of the U.S. House of Representatives to address the real-life issues that have been preventing individuals from establishing health savings accounts (HSAs) and fully utilizing them,” said Christa Day, Executive Director at ECFC. “As a membership association that is dedicated to preserving and expanding employer-provided tax-advantaged benefit choices for working Americans, we hope that the Committee will agree to these bills in Thursday’s markup session. These benefits provide families with the support they need to meet their everyday living expenses and remain productive members of the workforce.”
ECFC’s members include employers and companies who provide administrative and consulting services to employer sponsors of employee benefit plans, including health savings accounts (HSAs), health flexible spending arrangements (FSAs), dependent care assistance flexible spending arrangements (DCFSAs), and health reimbursement arrangements – including individual coverage health reimbursement arrangements (ICHRAs), commuter and parking benefits, and COBRA continuation coverage. These accounts are funded by employees and/or employers and are used to pay or reimburse qualified healthcare and other expenses that employees incur and are not covered by the employer’s health plans. ECFC member companies assist in the administration of cafeteria plan and health benefits for over 33 million employees.
“ECFC has long advocated for the commonsense changes to the tax law governing HSAs that are contained in the two bills under consideration,” said William Sweetnam, Legislative and Technical Director at ECFC. “The changes contemplated by these bills will address many of the technical issues that individual HSA account holders and employers contend with. We appreciate that the members of the Committee who have contributed to these two bills have heard the concerns of the HSA community and developed legislation to act on those concerns. We look forward to further legislative action to advance these bills.”
ECFC is a leading non-profit organization dedicated to maintaining and expanding employee benefit programs on a tax-advantaged basis. ECFC represents and promotes employee benefit programs through effective lobbying and provides education and awareness to members, compensation practitioners, national opinion leaders and the general public to help advance healthcare consumerism. ECFC, which was founded in 1981 as the Employers Council on Flexible Compensation, is the single organization that focuses its efforts on preserving, protecting and defending the tax-advantaged programs currently available to working families through employer plan sponsors. For more information, visit https://ecfc.org/.