Axios’ Steve Kornacki has the latest on a new health savings option from the government.
The government will soon begin offering a new savings account to people who qualify for the Affordable Care Act’s Medicaid expansion, according to the White House.
Under the new plan, Americans who make less than $150,000 and earn no more than $90,000 will be able to open an account with a federal bank, which will be overseen by the Treasury Department.
This is the first time the government will provide the accounts to people under the age of 65, and it is likely to be the first to be used to purchase health insurance coverage.
The new accounts will be available to people enrolled in Medicaid and the Children’s Health Insurance Program (CHIP), both of which were established under the ACA.
People enrolled in CHIP, which covers children under the ages of 6 and 7, have the option of enrolling in a private plan through their employers.
The federal government will also start issuing new accounts to families that earn less than 200 percent of the federal poverty level, which is $28,850 for a family of four.
The funds will be used for health care expenses for those making less than 400 percent of that amount.
In a sign of the administration’s commitment to expanding health insurance options, the administration has created a $1,000 savings account for people in low-income households.
The new account, which can be opened up for free through the Health Insurance Marketplace website, will be open through the end of January.
In addition to expanding the existing federal health savings accounts, the Trump administration has also announced new funding for the Centers for Medicare and Medicaid Services, a government agency that oversees Medicaid.
The money will help pay for new states to launch their own health insurance exchanges and for the states to expand Medicaid coverage to those who do not currently have insurance.
The Trump administration also has created an office for the new Health and Human Services Secretary to coordinate federal efforts to expand coverage.