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Have you ever received an expensive veterinary bill and wished you could use Flexible Spending Account or Health Savings Account funds to pay it? While not possible today, it's not outside the realm of possibility, although there are complications with the idea.

Will there be HSAs for pets?

"The IRS has taken a more expansive view of eligible HSA expenses post-COVID," said James Bornhorst, Co-Founder and CEO of First Dollar. "One complication is HSAs can only be used for dependents on a family's tax return, and pets don't have a formal dependent status in the eyes of the IRS."

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