Many employed, adult children are eligible for medical flexible spending accounts which can save them approximately $1,000.00 a year. A flexible spending account (or FSA) allows adult children to pay for up to $2,500.00 of medical care expenses for their parent using pre-tax dollars. Although the expenses paid for with this account cannot be included as an income tax deduction, it is still a valuable tool in situations where the patent’s cost of care is minimal.
