Political Quotes

“I rise today to introduce the Medical FSA Improvement Act of 2011. I am joined in this effort by Senator Enzi and I thank him for his support. Our bill would allow employees who have medical FSAs to cash out unused amounts, effectively repealing the current ``use-it-or-lose-it'' policy. Our legislation would modernize and encourage participation in FSAs, which are a helpful tool for health care consumers who face significant cost sharing burdens. It would remove the penalty on employees who act prudently throughout the year and save their FSA dollars. Flexible spending arrangements are an important benefit for many of my constituents in Maryland, Federal, State, and private sector employees, that allows them to set aside a portion of their income tax- free to pay for out-of-pocket medical expenses, such as co-payments for doctor visits and prescription drugs, medical supplies, and equipment. Nationwide, about 35 million Americans have FSAs, and the median salary of FSA participants is $55,000. It is estimated that one-third of Federal employees contribute to an FSA. Currently in Maryland, there are over 50,000 Federal employees who benefit from FSAs. These plans are efficient, the administrative costs are between two and three percent of claims, far lower than other health insurance administrative costs, and over 90 percent of claims can be substantiated electronically, meaning that paperwork for participants is minimized.…”