Check out this website. If you have any interest in keeping Health Savings Accounts (HSAs) around, you should call your congressperson and urge him or her to vote against HR 5719, which passed the House Ways and Means Committee last week and is going to a full House vote tomorrow. Basically, a company called Evolution Benefits lobbied to have a provision sneaked into the bill that would require substantiation of claims (proof that HSA dollars are spent on authorized products and services) at the risk of being fined by the tax man. It will cost HSA administrators tons of money and ruin HSAs.
The reason that Evolution Benefits did so is that they have a patented system that rejects unauthorized purchases for Flexible Spending Accounts (far inferior cousins of HSAs) and they have argued that HSA owners are making lots of unauthorized purchases with their cards which don't require substantiation. Account holders already must hold onto receipts in case they are audited and already must file with the IRS to show where their HSA dollars are being spent.
So, it comes as no surprise that some greedy businessmen are trying to get the government to shove more regulation down our throats so they can make a buck. Please call your congressperson and ask him or her to vote no on 5719! If you don't know who your congressperson is, shame on you, first of all, but you may find out at http://whoismyrepresentative.com/. Isn't the internet great? Also, feel free to call Evolution Benefits at 860-678-3400/5560 and tell them to go to hell.
I've also just learned that the White House might actually veto something if this passes the House. You may call the White House Comment Line at 202-456-1111 and ask that President Bush support the health of HSAs and does indeed veto it, should it pass.
What a great country.
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