December 18, 2009
The Health Savings Accounts (HSAs) annual contribution limits are increased for 2010. The medical mileage rate which is eligible for tax-free reimbursement drops from 24 cents per mile for 2009 to 16.5 cents per mile for 2010.
The only plans that yield tax-free reimbursements of medical-related expenses are Sec. 125 Cafeteria plans, Health Reimbursement Arrangements (HRAs), Flexible Spending Accounts (FSAs), and Health Savings Accounts (HSAs).
For in-depth information on the above medical expense plans, review our extensive and updated document on this topic.
This text is provided with the understanding that ECFA is not rendering legal, accounting, or other professional advice or service. Professional advice on specific issues should be sought from an accountant, lawyer, or other professional.