WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) introduced the Lowering Costs For Caregivers Act to allow people to use their tax-free health savings accounts and flexible spending accounts on medical expenses for their parents. Currently, adult children may not take advantage of these tax-free accounts to cover expenses they incur on behalf of their aging parents, unless their parents are classified as dependents for tax purposes.
“Over 11 million Americans are unpaid caregivers for their loved ones,” said Dr. Cassidy. “Let’s give back by making life a little more affordable for them.”
Cassidy was joined by U.S. Senator Jacky Rosen (D-NV) in introducing the legislation.
“As parents age, their children often step up as caregivers and take on extra costs and responsibilities. Nevada families continue to be squeezed by rising prices, and we must do everything we can to make it easier to take care of loved ones,” said Senator Rosen. “I’m proud to introduce this bipartisan bill to lower costs for caregivers by allowing them to use tax-free accounts to cover the medical expenses of their aging parents.”
This legislation is supported by the AARP.
###