Stephen Bowers, a member of Cozen O’Connor’s Employee Benefits Practice Group, discusses the rising cost of health care for the elderly in HR Dive. Stephen explains how, in response to the growth in elderly care costs, caregiving children will need to take advantage of certain benefits to offset the cost. He notes that one HSA tax advantage for account holders is that “some employees can claim their live-in parents as dependents and use HSAs to pay for their medical expenses." However, Stephen does warn that “workers who use HSAs on non-dependents could face substantial tax penalties.”
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