Weber Times

Last week, Congressman Blake Moore (R-UT) introduced the Health Out-of-Pocket Expense (HOPE) Act, a bipartisan piece of legislation aimed at creating a tax-advantaged account to help Americans save for health care costs. This initiative allows contributions from both individuals and employers and is designed to benefit those with most types of insurance coverage. Congressman Moore was joined by Congressmen Jimmy Panetta (D-CA), Brian Fitzpatrick (R-PA), Brad Schneider (D-IL), Adrian Smith (R-NE), and Raul Ruiz (D-CA) in introducing this bill.

“One 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,” said Congressman Moore. “I 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.”

“Working families need additional ways to plan and save for unexpected out-of-pocket health expenses,” said Congressman Panetta. “This 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.”

“The HOPE Act will directly help individuals in my community and nationwide battling soaring medical costs,” said Congressman Fitzpatrick. “Through this bipartisan legislation, HOPE Accounts will deliver an alternative option that lets our hardworking families take control of their health expenses—free from the crushing weight of the high cost of healthcare in our country.”

“I 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,” said Congressman Schneider. “Importantly, 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.”

“Unexpected health care bills can be devastating for hard-working families, but most health coverage options don’t 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. I thank Rep. Moore for leading the effort to introduce this bipartisan legislation.”

"The HOPE Act is a crucial advancement in assisting families with the increasing costs of medical care,” said Congressman Ruiz MD. “HOPE Accounts provide hardworking families with a new way to save for health expenses, independent of costly high-deductible plans."

Health care costs continue to climb, often outpacing national inflation rates and average annual GDP growth. The HOPE Act aims to assist families in managing out-of-pocket costs while saving for future medical needs.

A HOPE Account would function similarly to a Roth savings account by providing certain tax advantages and investment options tailored toward saving for future healthcare expenses.

The full text of this legislation can be found here.