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With the new stimulus bill, you may be able to save money on health insurance plans this year. The March stimulus bill includes benefits for millions of Americans, including a third stimulus check for up to $1,400 per person , an expanded child tax credit (how to calculate your CTC total ) and several other tax breaks for people who are unemployed , low-income or have kids . But the bill, along with some other IRS changes this year, also includes important updates and tax breaks for medical care and health insurance that could benefit your family.
Those with health care flexible spending accounts can contribute more money 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, the March stimulus package includes 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 […]