The “Family and Retirement Health Investment Act of 2011” was recently introduced in the U.S. Senate by Senator Orrin Hatch and in the U.S. House by Representative Erik Paulsen.
John Gay, executive director and CEO of NPA said the bill would be an important step in promoting preventative health and wellness, and reducing overall health care costs. “Current law allows these dollars to be spent on prescription drugs but not supplements. NPA supports increased access to supplements as part of our healthcare system so that it is truly a healthcare system and not simply a disease treatment system. Letting HSA and FSA funds apply to supplements would bring us closer to that goal.
“In the long run, wider use of supplements can lead to substantial healthcare savings,” he continued. “For example, studies have shown that an increase in omega-3 fatty acids can reduce coronary heart disease among people age 65 or older, saving an estimated $3.1 billion. By establishing tax deductibility for specific products through HSAs and FSAs, the legislation encourages preventative care and promotes public health. That’s not just the smart thing to do. It’s the right thing to do.”
Mr. Gay encouraged NPA members and the industry to ask their senators and representative to support the legislation as it works its way through Congress.