OPINION:
Our veterans have made incredible sacrifices to secure peace, prosperity and freedom, not only here at home but also around the globe.
Generations of selfless Americans have answered the call to serve when the United States needed them most. As a result, we remain the freest and most powerful nation on Earth.
These sacrifices, however, come with real consequences. Facing the unthinkable horrors of war and being exposed to dangerous toxins such as Agent Orange and burn pits, many veterans have untold and unseen scars that require the highest-quality medical care that our country can provide. These heroes deserve nothing less.
Unfortunately, bureaucratic red tape hampers the ability of injured and disabled veterans to choose the best and most cost-effective health care coverage for their condition. Under current law, veterans who are disabled or suffered injuries unrelated to their service cannot fully reap the benefits of health savings accounts. Instead, they must wait three months after receiving care for an illness or injury before contributing to an HSA.
HSAs allow veterans and their families to securely set money aside for medical expenses down the road without having to pay taxes upon withdrawing these funds. This is a sensible and fiscally responsible approach to covering medical bills and expeditiously caring for conditions, both physical and mental.
That’s why we introduced the Veterans HSA Access Act of 2023. This bipartisan legislation would amend the Internal Revenue Code to allow disabled veterans who were injured in an incident unrelated to their service to continue to contribute to an HSA alongside receiving their earned veterans benefits.
This is an important amendment to current law that will expand health care access, promote care flexibility, and lower costs for our veterans. We should never punish our veterans for responsibly prioritizing their health. In fact, we should encourage these types of investments that pay dividends for our veterans and their overall well-being.
By providing our nation’s heroes with health care choices and financial flexibility, we can equip our veterans with the tools they need to visit their preferred doctor and determine the best path forward for recovery and treatment.
Cutting red tape where effective and appropriate allows the free market to function as it should and helps our veterans use tax-advantage accounts to cover the cost of routine checkups and appointments with specialists outside of the Department of Veterans Affairs. It’s a win-win for veterans, patients, and the VA system at large.
As members of the House Ways and Means Committee — which handles health care policy — we remain committed to lowering health care costs and expanding health care choices for our veterans. HSAs are the perfect vehicle to provide veterans and their families with the power to determine how to spend their money and receive the quality health care that they have earned.
Representing veterans across Iowa and Ohio, we will continue to be strong, united advocates for the proven potential of HSAs to deliver positive results for America’s heroes.
• Randy Feenstra is a businessman who represents Iowa’s 4th Congressional District. Mike Carey is a former coal industry lobbyist who represents Ohio’s 15th Congressional District.
