There is some disturbing legislation negatively affecting Health Savings Accounts that is being rammed through the U. S. House of Representatives. HSA Clearing Corp has set up a new website to help educate health agents, local banks, credit unions and individuals with Health Savings Accounts about this legislation and its ramifications if passed by Congress.

(PRWEB) April 11, 2008 — There is some disturbing legislation negatively affecting Health Savings Accounts that is being rammed through the U. S. House of Representatives. HSA Clearing Corp has set up a new website to help educate health agents, local banks, credit unions and individuals with Health Savings Accounts about this legislation and its ramifications if passed by Congress.

The website is http://www.StopHR5719.com. H.R. 5719, is the "Taxpayer Assistance and Simplification Act of 2008" and contains the restrictions on HSAs. A private company, which has a process patent for substantiating HSA disbursements, has paid a lobbyist to get a provision added to this bill that will create a 100% increase in monthly HSA administrative fees and will destroy the ability of banks and credit unions to offer HSAs. This bill requires a third-party review of every single expenditure made by individuals from their HSA. This was not the intent of the HSA, and this company and this bill must be stopped.

HR 5719 will be on the floor of the U.S. House next week, and everyone should immediately begin contacting their Members of Congress http://www.house.gov and asking them to vote NO on H.R. 5719

HR 5719 was forwarded to the full House after a vote on 04/09/08 by the House Ways and Means Committee 23 to 17. You will notice that this portion of the bill is not even mentioned on the Ways and Means website. There were no previous hearings on this action, and it appears as though they are trying to sneak it past the millions of Americans with an HSA. The House Ways and Means Committee did not even ask if this is legal or how this affects The Health Insurance Portability and Accountability Act.

This is paid- to- play politics at its best.

"We have set up many community banks and credit unions across the country to offer Health Savings Accounts", said Tim Morales President of HSA Clearing Corp. "This has helped many of these financial institutions grow their deposit base, which in turn helps their community. Imposing this type of substantiation process will harm these financial institutions and most of them will not want to offer the HSA product".

"There are thousands of small businesses that are not aware of the fact that they could be doing their own substantiation of their flex or cafeteria plans and not have to pay out monthly fees for this service. This has always been one of the great things about the HSA program, the only substantiation is between you and the IRS. If you are audited you had better be able to back up your HSA disbursements. These people want to be your baby-sitter and charge handsomely for it. Your medical expenditures are your own business. If you have companies checking your expenditures out of your HSAs, who's to say they will keep this information confidential? This legislation is wrong and is against the intent of the law."

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Via: PRWeb: Lifestyle Health and Fitness

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