23andMe's genetic tests are now worthy of a 50% tax rebate – potentially leading to similar cost reductions for wearables with health benefits:
that more than half the cost of 23andMe's health-and-ancestry-testing kit is now considered"medical care" for tax purposes, per The Wall Street Journal.The tax break only applies to purchases made with a tax-advantaged account such as a health spending account or flexible spending account .
The IRS' decision will likely bring in a flood of new customers to 23andMe, especially since the company enjoys a first-mover advantage in the DTC space. Having what amounts to a 50% off tax rebate baked into the company's flagship product will make it more appealing to the approximatelyHSA holders in the US.
And new customer data will help pad 23andMe's genetic database as it expands into pharmaceutical development. As we've previously
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