Bill > S3254

This bill, the Lowering Costs for Caregivers Act of 2023, amends the Internal Revenue Code to allow expenses for parents to be taken into account as medical expenses for the purposes of Health Savings Accounts (HSAs), Flexible Spending Arrangements (FSAs), Health Reimbursement Arrangements (HRAs), and Archer Medical Savings Accounts (Archer MSAs). This means that individuals can use these tax-advantaged healthcare accounts to pay for medical expenses related to their parents, in addition to expenses for themselves and their spouses. The changes made by this bill will apply to expenses incurred after December 31, 2023.