Tag: flexible spending account

Finding the right tax-advantaged account to fund your health care expenses

June 21, 2016 August 28, 2020 Tax Department Healthcare flexible spending account, FSA, health savings account, healthcare costs, Healthcare Reimbursement Account, HRA, HSA, medical expenses, tax-advantaged account

With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) all provide opportunities for tax-advantaged funding of health care expenses. But what’s the difference between these three accounts? Here’s an overview: HSA. If[ … ]

Should you “bunch” medical expenses into 2015?

October 6, 2015 Tax Department Healthcare bunch medical expenses, deductible expenses, flexible spending account, health savings account, tax

Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spending Account) may be deductible — but generally only to the extent that they exceed 10% of your adjusted gross income. Taxpayers age 65 and older can enjoy a 7.5% floor through 2016. The[ … ]