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5. Medical Financial savings Account
It is a kind of account out there to members in sure high-deductible Medicare plans.
For taxable years starting in 2024, the time period “excessive deductible well being plan” means, for self-only protection, a well being plan that has an annual deductible that isn’t lower than $2,800 and no more than $4,150, and beneath which the annual out-of-pocket bills required to be paid (apart from for premiums) for lined advantages don’t exceed $5,550.
For household protection, the time period “excessive deductible well being plan” means a well being plan that has an annual deductible that isn’t lower than $5,550 and no more than $8,350, and beneath which the annual out-of-pocket bills required to be paid (apart from for premiums) for lined advantages don’t exceed $10,200.
Credit score: Adobe Inventory
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