Lower Bucks Today

On February 5, 2025, Congressman Brian Fitzpatrick introduced the bipartisan Health Out-of-Pocket Expense (HOPE) Act. This legislation aims to help Americans manage healthcare expenses through HOPE Accounts, a tax-advantaged savings tool.

The HOPE Act was co-sponsored by Congressmen Blake Moore, Jimmy Panetta, Raul Ruiz, Adrian Smith, and Brad Schneider. The act allows both individual and employer contributions to these accounts, providing families with a financial resource for future healthcare costs.

“The HOPE Act offers a crucial option to the people of PA-1 and families across the nation struggling under the crushing weight of skyrocketing medical costs,” said Rep. Fitzpatrick. He emphasized that this legislation puts control back in the hands of families by offering them a tax-advantaged tool to manage healthcare expenses.

Rep. Moore highlighted health care costs as a major concern in Utah and expressed gratitude for reintroducing the HOPE Act to create savings accounts for medical expenses. “The HOPE Act is a step in the right direction in making health care more affordable for Utahns and Americans across the country,” he stated.

Rep. Panetta noted that rising healthcare costs challenge working families and stressed the importance of accessible ways to save for medical expenses. He described the HOPE Act as commonsense legislation providing security in family finances and health care.

Rep. Ruiz pointed out that hardworking families need better options due to rising care costs. "The HOPE Act is a key step forward," he said, emphasizing its role in allowing families to save money without being tied to high-deductible insurance plans.

“This bipartisan bill will help families better plan for unexpected health emergencies,” added Rep. Smith, calling HOPE Accounts a strong solution for addressing high healthcare costs.

Rep. Schneider supported empowering families through efficient saving mechanisms like HOPE accounts amid rising healthcare costs, promoting financial and physical well-being.

The act allows individuals with qualifying coverage to contribute to a HOPE Account similar to Roth savings accounts but focused on medical expenses. Contributions from employers are deductible and excludable from income tax under certain conditions.

The maximum annual contribution is $4,000 for self-only coverage or $8,000 for family coverage with some limitations if other accounts like HSA or FSA are used concurrently.

The legislation text can be accessed online.