In the face of the coronavirus pandemic, policymakers are rightly leaving no stone unturned for proposals that can help mitigate the economic and healthcare damage caused by the virus. While Congress recently passed the Coronavirus Aid, Relief, and Economic Security Act to help citizens through this crisis, Senate Majority Leader Mitch McConnell has said there will likely be additional legislation in the coming weeks or months focusing on healthcare measures.
One policy that should be considered in this “Phase 4” bill is an expansion of tax-advantaged health savings accounts, or HSAs, through the Pandemic Healthcare Access Act. This legislation, introduced by Sen. Ted Cruz and Rep. Ted Budd, lifts the mandate that a HSA can only be paired with a high-deductible health plan for the duration of the coronavirus emergency.
