Florida Congressman Buchanan Proposes Tax-Free Health Savings Accounts for Caregivers

Florida Republican Congressman Vern Buchanan is introducing legislation that would allow individuals to use tax-free health savings accounts and flexible spending accounts on medical expenses for their parents and loved ones. Buchanan says this would help lower the cost for caregivers.

As it stands, caregivers are unable to take advantage of these tax-free accounts unless their parents are classified as dependents for tax purposes. Buchanan, who is Vice Chairman of the House Ways and Means Committee and Chairman of the Healthcare Subcommittee, says his bill, the Lowering Costs for Caregivers Act (H.R. 7222), will help families not bear a financial strain.

“With nearly 200,000 seniors in my district, caregiving assistance is critical for many families to give their loved ones a dignified quality of life in their golden years,” said Congressman Buchanan.