Congressman Charles W. Boustany, Jr., M.D., (R-South Louisiana) issued the following statement after introducing the Medical FSA Improvement Act of 2013. Flexible Spending Arrangements (FSAs) allow Americans to set aside pre-tax dollars to pay for rising out-of-pocket expenses associated with medical care:
"This bipartisan legislation lowers costs associated with medical care by making it easier for Americans to plan and save for their health-care needs using FSAs. The legislation makes FSAs easier to use by eliminating a government regulation forcing workers to forfeit all of their remaining FSA funds to an employer at the end of the year. One in four FSA participants suffers forfeitures every year. This bureaucratic rule discourages millions of individuals from benefiting from FSAs.
"Even President Obama's top cabinet officials concede health costs will rise under regulations the Administration is writing. This legislation provides a practical solution for American families by allowing them to keep more of their hard-earned money in their pockets during this tough economic climate."