Congressman Kenny Marchant (TX-24) today applauded the House's passage of the Health Care Cost Reduction Act which he voted for.
"The Heath Care Cost Reduction Act is exactly what we need to ensure that health care costs do not continue to skyrocket in coming years. Though I favor a complete repeal of Obamacare, this legislation rightly protects medical innovation by repealing Obamacare's tax on medical devices. At a time when we should be encouraging medical technology companies to invest in research, it makes no sense to levy a new tax.
"Today's repeal of the "medicine cabinet tax' is a victory for health care consumers who rely on health savings accounts (HSA) and flexible spending arrangements (FSA) to purchase over-the-counter (OTC) medications. Obamacare's new restrictions on these accounts limit consumer choice and will needlessly, yet predictably, lead to unnecessary visits to the doctor from patients seeking prescriptions for OTCs.
"Improving FSAs, as this bill accomplishes, is a no-brainer. Allowing health care consumers more flexibility to use their money for health care expenses will lead to them making wiser decisions at the end of the year since this bill allows for a $500 cash-out option to be considered as taxable income. A likely positive consequence of this will be higher participation in FSAs by employers, further benefitting health care consumers."