FOR IMMEDIATE RELEASE:
November 14, 2024
Contact: Press_Paul@paul.senate.gov, 202-224-4343
Dr. Rand Paul Introduces Legislation to Bring Freedom and Flexibility to Health Care
WASHINGTON, D.C. – Recently, U.S. Senator Rand Paul (R-KY) continued his efforts to help Americans more easily meet their health care needs by introducing his Health Marketplace for All Act of 2024 and Health Savings Accounts for All Act. Dr. Paul previously introduced both bills in the 117th Congress.
“As Americans’ health care costs continue to rise, my plan puts more power in the people’s hands, getting rid of unnecessary restrictions, expanding access, and trusting Americans to make the decisions that are best for them,” said Dr. Paul.
You can read the Health Marketplace for All Act of 2024 HERE and Health Savings Accounts for All Act HERE.
BACKGROUND:
Health Marketplace for All Act of 2024:
Employer-sponsored health insurance is a great value for those who can get it, but many Americans can’t access affordable plans simply because they don’t work for a large corporation.
A major problem in health insurance is that if you are on your own or part of a very small group, you have no leverage for prices, and if someone gets very sick, then you don’t have the protection of thousands or even hundreds of thousands of people sharing the risk.
Dr. Paul’s Health Marketplace for All Act will allow any membership organization to offer an ERISA health plan to its members—and to do so across state lines—regardless of an employment relationship.
Nearly any conceivable membership-based entity would be empowered to collectively bargain with insurers to negotiate better rates. The possible sponsors for these bargaining groups are endless – they could include rideshare services, online retailers, wholesale clubs, credit unions, churches, etc. Any group of people who choose to join in common cause could access cheaper, better health insurance.
Health Savings Accounts for All Act:
Health savings accounts give millions of Americans the freedom and flexibility to save and pay for medical costs their insurance doesn’t cover. HSAs offer many advantages, including:
- Tax-free contributions, investment growth, and withdrawals when spent on qualifying expenses.
- Unlike “use-it-or-lose-it” flexible spending accounts (FSAs), balances roll over from year to year.
- Because HSAs are individual accounts, enrollees do not lose them when they change employers.
Dr. Paul’s Health Savings Accounts for All Act will allow all Americans—regardless of income or insurance coverage—to take advantage of tax-free health savings accounts.
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