Problem Solvers Caucus Endorses Bill to Help Americans Save for Health Care Costs

WASHINGTON, D.C. – Today, the bipartisan Problem Solvers Caucus announced its endorsement of the Health Out-of-Pocket Expenses (HOPE) Act, legislation that will establish a tax-advantaged account to allow millions of Americans to save for health care costs through individual and employer contributions.

With health care costs on the rise, roughly half of all U.S. adults report that they struggle to pay their medical bills. Every year, millions of Americans delay or forego medical care due to financial constraints, putting their health and safety at risk. The HOPE Act will help families save for future medical expenses to ensure they can always access the care they need.

The legislation would establish HOPE Accounts, which Americans can use to set aside money for future medical costs. Funds put into HOPE Accounts will grow tax free as long as they are used to cover medical expenses. These accounts would be available to anyone with qualifying coverage, including those with commercial insurance, Medicare, Medicaid, and Indian Health Service coverage. 

The bipartisan legislation was introduced by Representatives Blake Moore (UT-01), Jimmy Panetta (CA-19), Brian Fitzpatrick (PA-01), Brad Schneider (IL-10), Adrian Smith (NE-03), and Raul Ruiz (CA-25) and has six additional cosponsors, four of whom are Members of the Problem Solvers Caucus. The bill was brought forward for Caucus endorsement by Representatives Moore and Panetta. 

“One of the biggest issues my colleagues and I hear about from our constituents is the cost of health care, and addressing this pressing challenge is one of my top priorities,” said Congressman Blake Moore (UT-01). “I am grateful my bipartisan HOPE Act has received an endorsement from the Problem Solvers Caucus. This bill will 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 Americans across the country.”

“As working families face rising health care costs, they need new tools to plan for their financial futures,” said Congressman Jimmy Panetta (CA-19). “The bipartisan Health Out-of-Pocket Expense (HOPE) Act would provide new tax-advantaged savings accounts to empower Americans to save for unexpected medical expenses.  I am proud to continue to push forward commonsense, common ground policies to address everyday costs facing households and increase patient access to vital care.”

“With medical costs skyrocketing, it’s critical that families have the resources to take control of their healthcare and protect their financial future,” said Problem Solvers Caucus Co-Chair Congressman Brian Fitzpatrick (PA-01). “No family should be blindsided by unexpected health crises without the means to respond. I’m proud our Caucus is championing this bipartisan bill, which delivers real solutions to empower hardworking families to safeguard their physical health and financial stability.”

“All across the country, the soaring cost of healthcare is hurting the pockets of hardworking families. That's why I am proud to cosponsor the HOPE Act, which will allow families to better plan and save for medical care — giving them more control over their own finances,” said Problem Solvers Caucus Co-Chair Congressman Josh Gottheimer (NJ-05). "I’m glad the Problem Solvers Caucus came together to endorse this bipartisan legislation to protect the pocketbooks of hardworking families.”

The full text of the bill can be found here. 

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The Problem Solvers Caucus, which is Co-Chaired by Congressmen Brian Fitzpatrick (PA-01) and Josh Gottheimer (NJ-05), has sixty-two Members evenly split between Republicans and Democrats.