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Americans are using their tax refunds to pay for health care

Taxes are due April 17, and while many Americans dread the coming deadline, filing could be a saving grace for others. That’s because many people use their refunds to pay for key medical expenses they had otherwise been putting off. The JPMorgan Chase Institute analyzed the out-of-pocket spending habits of 1.2 million Americans who received a refund in 2016 and found a “dramatic link between health care spending and tax refunds.” Those who filed earliest and received their refund in February put 64 percent of their spending response toward paying for deferred care.