Here’s a tax-free way to pay out-of-pocket medical expenses
Can be used for infant care, hearing aids
Health care flexible spending arrangements are a way you can pay for out-of-pocket medical expenses tax free.
In 2020, you can save $2,750 in that account, but if you have two working parents you can double that amount.
Money in the account can also be used for other expenses such as well baby care, eye glasses and hearing aids. However, ineligible expenses include birth control, vitamins and teeth whitening.
You can use the money through March 31, 2020. While the account used to have a use it or lose it clause, some plans now have a $500 carry over.
Employers are not required to offer this arrangement, so it is best to check with your human resources department.
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