Lowering Costs for Caregivers Act of 2023

This bill expands eligibility for certain tax-advantaged health accounts to cover medical expenses for parents. It amends the tax code to allow individuals to use funds from Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs) for qualified medical care of their parents or their spouse's parents - previously limited to immediate family members. The changes apply to expenses incurred after December 31, 2023, directly benefiting adult caregivers (like children supporting elderly parents) who use these accounts for parental healthcare costs. The bill makes no new funding commitments but adjusts existing account rules to reduce out-of-pocket costs for caregivers.