Weber Times

Congressman Blake Moore has reintroduced the bipartisan Health Out-of-Pocket Expense (HOPE) Act in the 119th Congress. This legislation aims to establish a tax-advantaged account for Americans with various insurance types, allowing them to save for healthcare costs through individual and employer contributions. Congressman Moore was joined by Congressmen Jimmy Panetta, Brian Fitzpatrick, Raul Ruiz, Adrian Smith, and Brad Schneider in reintroducing the bill.

“Health care costs are one of the biggest issues I hear about from Utah patients, providers, and employers, and addressing this pressing issue is a top priority for me in Washington,” said Congressman Moore. “I am grateful to reintroduce 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.”

Congressman Panetta highlighted the importance of accessible ways to save for out-of-pocket medical expenses: “The rising cost of health care continues to challenge working families... By reintroducing the bipartisan HOPE Act, we’re providing Americans with a tax-advantaged savings tool that allows them to plan for their future health care needs."

“The HOPE Act offers a lifeline to the people of PA-1 and families across the nation struggling under the crushing weight of skyrocketing medical costs,” said Congressman Fitzpatrick. “This bipartisan legislation puts control back where it belongs—in the hands of families—by providing them with a powerful, tax-advantaged tool to manage their healthcare expenses."

Congressman Ruiz emphasized that "hardworking families need better options" due to rising healthcare costs: "The HOPE Act is a key step forward... without being tied to expensive high-deductible insurance plans.”

“This bipartisan bill will help families better plan for unexpected health emergencies,” added Congressman Smith. “HOPE Accounts are a strong solution to empower Americans to save money and address the high cost of healthcare."

Congressman Schneider expressed pride in reintroducing this initiative: "Empowering families to efficiently save for future expenses via HOPE accounts... will promote Americans' financial and physical well-being."

The proposed HOPE Account would function similarly to a Roth savings account, offering certain tax advantages and investment options aimed at helping individuals and families prepare financially for future healthcare needs.