For thousands of Mississippians and millions across the country, healthcare is about to get more expensive. The Senate Finance Committee, chaired by Max Baucus, D-Montana, has authored a bill, that will pay for healthcare reform by taxing current benefits used by millions to offset the cost of their health care. This bill is not only outrageous, but in principal, it penalizes those that do the right thing. They work hard to make sure their families have health insurance and they save and budget for their out-of-pocket expenses. This bill calls for a cap of $2500 on Flexible Spending Accounts (FSAs). Over 35 million responsible Americans use FSAs to ensure that their health care needs are met.
Flexible Spending Accounts, under a Cafeteria Plan, allow employees to set aside tax-free dollars for their family’s out-of-pocket medical expenses. With higher deductibles, co-pays and other expenses, such as dental and vision care, many Mississippians count on the savings generated by FSAs to budget and pay for these expenses. People with chronic diseases and on-going health problems especially, rely heavily on these accounts. If eliminated or capped as outlined in this bill, millions will be unable to afford their families healthcare needs. It is very apparent by this bill that the intent of Sen. Baucus, and those in control, is not to reduce the cost of our healthcare, but instead to slowly move to a government controlled system, whereby, taking personal responsibility, is a thing of the past.
Jim Miller – CFCI, Vice President
Southern Administrators and Benefit Consultants Inc.