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November 2006 | Volume V, Issue 9 |
The November Election and the Future of HSAChanges in Washington and changes in politics can mean changes for the future of Heath Savings Accounts. In the wake of the recent election, is the future of the HSA uncertain? In truth, the future of anything that is subject to government regulation is uncertain in that rules and regulations are constantly being changed and amended. Recently, John Robbins, Sr, attended a summit of industry leaders which met in Washing D.C. to discuss what the 110th Congress might have in store for the future of HSAs. It is important to remember that though the Democrats now control both houses of Congress, they do not have a hard and fast majority and the 110th Congress in many ways will be an interim body with both parties still vying for power over the Presidency in 2008. The slim majority which the Democratic Party gained in the recent election could lead to either gridlock between factions or reluctant bi-partisanship between the GOP and newly elected Democrats. The upheaval in both parties has left congress with very few staff members with a detailed knowledge and understanding of employee benefits and Consumer Driven Health Care. Therefore, members of the 110th Congress may be reluctant to vote on any major changes to HSA legislations unless it is bundled with other bills. For those fearing legislation which could be damaging to HSAs, don’t forget that George W. Bush, whose 2004 agenda helped advance the cause of HSAs, is still the President. With the Democrats’ hairline majority in the Senate, the President still has viable veto power over any legislation which could threaten the future of HSA. Over the next two years it will be important to remember that the Democrats in congress will have a lot on their plate. The 110th Congress intends to focus heavily on dealing with the war in Iraq, Senator Kennedy’s proposed minimum wage increase, deciding whether or not to raise taxes to the levels prior to the Bush temporary tax relief, and immigration policy. While Healthcare is on the agenda, Congress may take its time over the next two years before making any significant changes to HSA legislation. |
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LEGAL DISCLAIMER: Material contained in
this newsletter is not legal advice, and should not be construed as
legal advice. If you need legal advice upon which you can rely, you
must seek a legal opinion from your attorney. © DataPath, Inc. 2006 |