{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/69c148bb1a160b44db9c8fcc/6a86b2ad49d6f2bae3b13f42?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"Smart ways to pay less on rising healthcare cost","description":"<p>1044. Are rising healthcare costs ruining your budget? Laura answers a listener’s question about how to maximize every tax advantage available for healthcare costs. You’ll learn the rules for deducting them on your tax return or paying them with tax-advantaged savings accounts like HSAs and FSAs. We’ll cover which expenses are tax-free and simple strategies to optimize your healthcare spending.</p><p><strong>Key Takeaways:</strong></p><ul><li>You can only claim the medical tax deduction if you itemize deductions on Schedule A instead of claiming the standard deduction on your tax return.</li><li>You can only deduct unreimbursed healthcare expenses that exceed 7.5% of your adjusted gross income (AGI), making the medical deduction best for years with high medical bills.</li><li>Tax-advantaged medical savings accounts are powerful because they allow you to save 20% to 35% on qualified costs without claiming a medical deduction.</li><li>Health savings account (HSA) balances roll over forever, can be invested for tax-free growth, and can be withdrawn penalty-free for non-medical expenses after age 65 (subject to ordinary income tax).</li><li>Flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs) are employer-sponsored perks for cutting healthcare costs.</li><li>You cannot claim an itemized medical deduction on Schedule A for any healthcare expense paid for or reimbursed using pre-tax funds from an HSA, FSA, or HRA.</li><li>Lawmakers have expanded HSA, FSA, and HRA qualified expenses to cover various over-the-counter (OTC) medications and products.</li></ul><p><strong>Discover more from Money Girl!</strong></p><p><a href=\"https://www.facebook.com/MoneyGirlQDT\" rel=\"noopener noreferrer\" target=\"_blank\">Facebook</a></p><p><a href=\"https://www.quickanddirtytips.com/money-girl-newsletterhttps://www.quickanddirtytips.com/newsletters\" rel=\"noopener noreferrer\" target=\"_blank\">Newsletter</a></p><p>Transcripts available at <a href=\"https://www.quickanddirtytips.com/transcripts/money-girl/\" rel=\"noopener noreferrer\" target=\"_blank\">QuickandDirtyTips.com</a>.</p><p>Email: Laura@LauraDAdams.com or leave a voicemail: (302) 364-0308.</p>","author_name":"QuickAndDirtyTips.com"}