February 04, 2025

­– Congressman Blake Moore (R-UT) reintroduced the bipartisan Health Out-of-Pocket Expense (HOPE) Act for the 119th Congress. The HOPE ACT will create a tax-advantaged account that enables millions of Americans with most types of insurance coverage to save for health care costs through both individual and employer contributions. Congressman Moore was joined by Congressman Jimmy Panetta (D-CA), Congressman Brian Fitzpatrick (R-PA), Congressman Raul Ruiz (D-CA), Congressman Adrian Smith (R-NE), and Congressman Brad Schneider (D-IL) in reintroducing this bill.

“Health care costs are one of the biggest issues I hear about from Utah patients, providers, and employers, and addressing this pressing issue is a top priority for me in Washington,” “I am grateful to reintroduce the bipartisan HOPE Act to create a new tax-advantaged savings account that will help families plan and save for medical expenses. The HOPE Act is a step in the right direction in making health care more affordable for Utahns and Americans across the country.”

“The rising cost of health care continues to challenge working families, making it even more important to have accessible ways to save for out-of-pocket medical expenses,” “By reintroducing the bipartisan HOPE Act, we’re providing Americans with a tax-advantaged savings tool that allows them to plan for their future health care needs. This commonsense legislation would help ensure that individuals managing medical costs, regardless of their insurance type, have a better sense of security in their family’s finances and health care.”

“The HOPE Act offers a lifeline to the people of PA-1 and families across the nation struggling under the crushing weight of skyrocketing medical costs,”  “This bipartisan legislation puts control back where it belongs—in the hands of families—by providing them with a powerful, tax-advantaged tool to manage their healthcare expenses. By lifting the financial strain of an increasingly unaffordable system, the HOPE Act ensures no family must choose between their health and their financial future.”

"Hardworking families need better options to address their health expenses given the rising cost of care," . "The HOPE Act is a key step forward, allowing families to save money for health care expenses in a tax-free account—without being tied to expensive high-deductible insurance plans.”

“This bipartisan bill will help families better plan for unexpected health emergencies,” “HOPE Accounts are a strong solution to empower Americans to save money and address the high cost of healthcare. I thank Rep. Moore and my other colleagues for working with me to reintroduce this important legislation.”

"Empowering families to efficiently save for future expenses via HOPE accounts, especially as healthcare costs continue to rise, will promote Americans' financial and physical well-being,"  “That’s why I am proud to reintroduce the HOPE Act, which creates a new tax-advantaged savings account for healthcare expenses geared specifically towards working-class individuals and families.”

Health care costs continue to climb, often outpacing the national rate of inflation and the average annual growth in GDP. The HOPE Act will help families in Utah and across the country manage their out-of-pocket costs and save for future medical care.

A HOPE Account would be similar to a Roth savings account and provide certain tax advantages and investment options for individuals and families to save for future health care expenses:

The text of this legislation can be found here.

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