H.R. 138, known as the “Lowering Costs for Caregivers Act of 2025,” proposes to amend the Internal Revenue Code of 1986, allowing parents' expenses to count as medical expenses for tax purposes. The bill permits individuals to use health savings accounts, flexible spending arrangements, and...
Simple Explanation
H.R. 138 is a bill that wants to make it possible for people to use special savings for health costs to help pay for their parents' medical expenses, kind of like buying a gift for mom or dad from their savings. This plan would start in 2025 and is like a new rule that says caring for parents is an important expense too!