Using your FSA for Your Parent’s Medical Expenses

Author

The Cottages of Hilltop

Posted on

Dec 08, 2021

Book/Edition

Colorado - Western Slope

Many of us have medical and dependent care flexible spending accounts (FSA) through our employers. These accounts use pre-tax dollars to cover medical and dependent care expenses for ourselves and children. But what many people don't know is that these funds can also be used to care for our aging parents. The details of what is covered can vary, so check with your employer, and your tax advisor for specifics.

In general, the money in your FSAs can be used on your parents if they qualify as your dependent. Two types a medical care or health care FSA and dependent care FSA are typically offered through an employer. The dependent qualifications and use of the funds depend on which FSA you have (caregivers often have both). With a medical care FSA, if your parent qualifies as your dependent, you can pay for their co-pays for doctors or hospital visits, and anything else not covered by your parents insurance.
A dependent care FSA may be what you've traditionally used to fund your child's care while you're working. If you have a parent living with you, you can pay their expenses with this account, too. The standard is higher than the medical FSA. The individual must be physically and mentally unable to care for themselves, which requires you to pay for someone to care for them while you work. When you're faced with using it or losing it in your FSA accounts, consider how caregiving expenses may benefit you during tax season.

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The Cottages of Hilltop

Independent Living 1331 Hermosa Avenue, Grand Junction, Colorado, 81506

The Cottages of Hilltop, located in the beautiful and serene environment of Grand Junction, Colorado, offers an unparalleled independent living experience for seniors seeking an active and fulfilling lifestyle.  This exceptional retirement community is located in beautiful Western Colorado, home to many local attractions including: outdoor festivals, world-class golf and fishing, and even Colorados premier wine country. Renowned resort destinations are just a short drive away. This premier retirement community is designed to provide the perfect blend of comfort, convenience, and luxury, enabling residents to enjoy their golden years to the fullest.Independent living at The Cottages of Hilltop is tailored for those who desire a vibrant and autonomous lifestyle while having access to a supportive community. The facility is nestled amidst picturesque landscapes, featuring stunning views and beautifully manicured gardens, providing a tranquil and inspiring setting for residents.The Cottages of Hilltop boasts a range of spacious and elegantly designed cottages that offer all the comforts of home. These private residences come in various floor plans, ensuring there is a perfect fit for every lifestyle. Each cottage is thoughtfully designed with modern amenities, including full kitchens, in-unit laundry facilities, ample storage space, and private patios or balconies. The attention to detail and high-quality finishes in every cottage reflect the commitment to excellence that defines The Cottages of Hilltop.Living at The Cottages of Hilltop means enjoying a maintenance-free lifestyle. The dedicated staff takes care of all exterior maintenance, landscaping, and common area upkeep, allowing residents to focus on what they love. 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