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With the new stimulus bill, you may be able to save money on health insurance plans this year. You’re probably familiar with the $1.9 trillion stimulus law that includes a third stimulus check for up to $1,400 per person , a child tax credit for up to $3,600 per kid (how to calculate your child credit total ) and several other tax breaks for people who are unemployed , low-income or have kids . But the American Rescue Plan Act also contains important updates and tax breaks for medical care and health insurance that could benefit your family.
For example, people with health care flexible spending accounts can contribute more funds tax-free this year. And those with medical expenses can deduct more money on their 2020 tax return , so long as you file by the new May 17 deadline . Perhaps most importantly, there are new options for people who need health insurance, and resources to help lower costs for those who are already insured.
Here’s everything you need to know about the stimulus bill health benefits that could save you money this year. Plus, here’s when you can expect your third stimulus check , what we’ve heard so far […]