|Washington, D.C. – November 18, 2015 – ECFC, the leading nonprofit organization promoting choice in benefit solutions, has launched the My Money, My Health campaign to give voice to millions of healthcare consumers who will be negatively impacted by a looming tax on their health benefits accounts. The campaign launch comes on the heels of a letter sent yesterday to President Obama from a bipartisan group of U.S. Senators and Members of the House of Representatives, urging repeal of the excise tax, commonly referred to as the “Cadillac tax.”The campaign, championed by major companies across the nation, asks Congress to act before the end of the year to protect middle class workers who could see their Flexible Spending Account (FSA) and Health Savings Account (HSA) benefits cut back or eliminated.
Unless Congress acts this year to repeal the Cadillac tax, which was passed as part of the Affordable Care Act, many employers will be forced to scale back on providing important healthcare benefits to their employees. Consumers who rely on these savings plans are contacting their senators and representatives now asking them to exempt their FSA and HSA contributions from the tax before it is too late.
The MyMoneyMyHealth.org website provides a platform for American workers to share their stories about why their FSA and HSA accounts are critical in helping them combat the rising costs of healthcare. In a few easy steps on the site, people can also write to their legislators and send tweets to elected officials.
“ECFC is focused on working to get the Cadillac tax revised or repealed this year to avoid the negative consequences of more employers potentially scaling back or eliminating their FSA and HSA plans in order to avoid triggering the tax,” said Mark Schmersahl, ECFC Board Member and Vice president of BeneFLEX HR Resources. “The reality is that employee contributions to FSAs and HSAs are employees’ own money and should not be taxed as Cadillac plans. Exempting employee contributions from the tax is an immediate step to work toward ensuring that American families will continue to be able to access important health benefits.”
ECFC, an organization of nearly 200 members representing tens of thousands of employers, spearheads the education and advocacy of consumer-directed accounts, such as FSAs, HSAs and health reimbursement arrangements (HRAs), which assist employers and employees in making good healthcare decisions. It is estimated that more than 100 million Americans today benefit from consumer-directed accounts.
Numerous ECFC representatives met Oct. 27 and Oct. 28th with key members of Congress, including members of the tax-writing committees in both the House and Senate asking them to exempt employee contributions from the tax. By adding the voices and stories of the millions of people using consumer-directed accounts, the organization hopes to show Congress the significant positive impact FSAs and HSAs have on American families.
In addition to sharing stories and contacting elected officials atMyMoneyMyHealth.org, advocates can follow and participate in the campaign via its Twitter handle, @mymoneymyhealth, Facebook page, and by using the hashtag #mymoneymyhealth.
About Employers Council on Flexible Compensation
ECFC was founded in 1979 as the Employers Council on Flexible Compensation. Today, it is a leading non-profit organization dedicated to maintaining and expanding private employee benefit programs on a tax-advantaged basis. ECFC represents and promotes flexible compensation programs through effective lobbying and provides education and awareness to members, compensation practitioners, national opinion leaders and the general public to help create a positive change for the growth of flexible compensation. ECFC is the single organization that focuses its efforts on preserving, protecting and defending the tax advantaged programs currently available to working families through employer plan sponsors.