H. R. 7222, known as the “Lowering Costs for Caregivers Act of 2023,” proposes changes to the Internal Revenue Code of 1986 to classify expenses for parents as medical expenses. This would allow individuals to use Health Savings Accounts, Flexible Spending and Health...
Simple Explanation
H. R. 7222 is a bill that wants to make it cheaper for people to take care of their parents by letting them use special savings accounts for health expenses, without having to pay extra taxes. This change would start after 2023.