Wearable devices now eligible for health savings and spending accounts.
This act allows citizens to pay for certain wearable devices, like health-monitoring smartwatches, using health savings accounts (HSAs, Archer MSAs) and flexible and health reimbursement arrangements. This means that expenses for these devices, up to $375 annually, will be treated as qualified medical expenses, potentially offering tax relief or reimbursement opportunities.
Key points
Wearable devices (e.g., health smartwatches) can now be purchased using HSA/Archer MSA accounts and FSA/HRA plans.
There is an annual limit of $375 for wearable device expenses that can be deducted or reimbursed.
These changes apply to expenses incurred after December 31, 2023, potentially saving citizens money.
Wearable devices must collect and analyze physiological data for disease diagnosis, treatment, or prevention.
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