Like wrapping a string around a yo-yo, the House of Representatives let fly with the Health Care Cost Reduction Act (H.R. 436).
H.R. 436 wraps multiple bills into one package, featuring the following.
- The Protect Medical Innovation Act of 2012 (the original H.R. 436)
- The Health Flexible Spending Arrangements Improvements Act of 2012 (H.R. 1004)
- The Restoring Access to Medications Act of 2012 (H.R. 5842)
- The Reconciliation Recommendation Related to the Recapture of Overpayments Resulting from Certain Federally Subsidized Health Insurance
About The Health Reduction Act
Here are some of the provisions of the Act.
- The original H.R. 436 repeals the 2.3 percent excise tax on medical devices that health reform’s Affordable Care Act targeted for 2013.
- H.R. 1004 eliminates the “use it or lose it” requirement for flexible spending accounts (FSAs) where participants lose unspent funds at the end of the plan year.
- H.R. 5842 repeals the Affordable Care Act’s provisions that prohibit owners of FSAs and Health Savings Accounts (HSAs) from using funds for over-the-counter drugs (unless prescribed by a physician).
- Reconciliation Recommendation requires taxpayers to return any overpayments of health insurance subsidies provided by the Affordable Care Act, which credits eligible individuals in advance for the purpose of purchasing health insurance.
The House passed the bill despite threats of a presidential veto.
The yo-yo, back and forth action on health care legislation is the reason many employers take a wait-and=see approach to responding to changes. With an election year, additional changes are a sure bet.
Notice of Disclaimer –Cathy Miller is not an attorney or health care provider and cannot provide legal or health care advice. The information provided is for your general background only, and is not intended to constitute legal or health care advice as to your specific circumstances. We recommend you review legislation with legal counsel and visit your physician for health care issues.