There's at least one thing that Republicans in the House of Representatives and Senate can agree on when it comes to replacing Obamacare: Health savings accounts.
HSAs, introduced in 2003 during President George W. Bush's administration, offer you triple tax advantages: First, contributions are tax-deductible. Second, those contributions can be invested and grow tax-free. Third, withdrawals aren't taxed as long as you use them for qualified medical expenses, such as doctor's visits, prescription drugs and dental care.
"HSAs offer tax breaks no other retirement vehicle can match," said Begonya Klumb, CEO of UMB Bank Healthcare Services.
Provisions of the American Health Care Act, which passed the House by a narrow 217-213 vote May 4, will nearly double the contribution limits for health savings accounts and give people more flexibility in how they can spend money in these tax-advantaged accounts.
"If enacted, it would be a win-win for employees and employers because it makes it easier for people to use their accounts and for employers to administer them," said Steve Wojcik, vice president of public policy at the National Business Group on Health, which advocates for large employers. "It also would greatly increase the ability for both employers and employees to contribute funds to employees' HSAs."