Newly proposed bill could give tax deductions to HCSM members

( WJET/WFXP ) — A new bill has been introduced that could give some Americans new tax deductions.

On Tuesday, June 25, U.S. Representative Mike Kelly (R-PA), announced the introduction of H.R. 8776, or the Health Care Sharing Ministry Tax Parity Act .

This new act would allow members of Health Care Sharing Ministries (HCSMs) to deduct payments made as part of their ministry membership from their taxes by classifying regular HCSM expenses as eligible medical care expenses.

According to a health insurance guide , HSCMs are non-insurance entities in which members share a common set of ethical or religious beliefs and share medical expenses among members in accordance with those beliefs.

An estimated 1.3 million Americans are members of HCSMs which assist with over $1 billion in medical expenses a year.

Rep. Kelly explained the impact this proposed legislation could have on members of HCSMs.

“Americans should have choices when it comes to their health care. For many families, traditional insurance is a great option. For some, however, particularly people of faith, alternative options such as Health Care Sharing Ministries more closely align with their values,” said Kelly.

Those interested in keeping up to date with the Health Care Sharing Ministrty Tax Parity Act can do so here .

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