Senate Finance Committee (SFC) Chairman Max Baucus (D-MT) announced this week that he will not seek reelection next year. The six-term Senator and legislative architect of the Affordable Care Act (ACA) also serves on the Agriculture, Nutrition and Forestry, Environment and Public Works, and Joint Taxation committees.
The SFC has jurisdiction over Health Savings Accounts (HSAs), which are deposit accounts held by banks and are used to fund healthcare expenses for consumers covered by high-deductible health plans. The HSA market continues to expand under healthcare reform, in large part because of reaction to higher premiums on traditional products, but also because the individual mandate’s requirement to buy insurance means that Americans will be seeking to buy the most affordable plans. HSA-qualified plans tend to be the most affordable plans in the marketplace.
Sen. Ron Wyden (D-OR) and Sen. Charles Schumer (D-NY) are the next two most senior Democrats on the Finance Committee and potential successors to Chairman Baucus, assuming the Chamber remains under democratic control.
Learn more about the HSA Council.