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Obama administration loosens rules on health spending accounts, letting workers roll over $500
Reported by: Associated Press
Reported: Thursday, October 31, 2013 4:52 PM EDT
The Treasury Department has announced a new rule allowing people who take advantage of special tax-free accounts to pay medical bills to carry over up to $500 from one year to the next.
The accounts, known as flexible spending accounts, allow employees to contribute money directly from their pay, before taxes are deducted. The accounts can then be used to pay certain medical expenses not covered by insurance.
Treasury says an estimated 14 million people use the accounts.