Health Insurance Articles
Health Insurance And Deducting Medical Expenses On Your Income Taxes
2009-12-28
Although many U.S. citizens have tried to reduce their health insurance premiums in vain, it is still possible to save money on medical expenses. In fact, you can reduce your health care costs without even speaking with your doctor or insurance company. The IRS allows taxpayers to deduct medical expenses when they add up to 7.5 percent or more of the taxpayer's adjusted gross income. If you're eligible, you can keep your health care expenses to a minimum by doing this.
Unfortunately, 7.5 percent of even some smaller incomes is a large number, and many taxpayers simply ignore this provision, thinking their expenses could never add up. However, you might be overlooking some of the costs that Uncle Sam really will cover. For instance, you can deduct travel expenses when you're traveling for a medical procedure. And, if you're going to a conference or seminar about a medical condition that you, your spouse or your dependent has, you might also be able to assign at least part of the registration fees to Uncle Sam.
In fact, the first thing you should consider when preparing your taxes and looking for medical expenses to deduct is the expenses you've paid for all members of your household. When you add up the money spent on medical procedures for you, your spouse and your dependents, you might have a fair sum. In addition, if a doctor has recommended that you purchase a piece of medical equipment because of a health condition, you can write off the cost of that equipment, as well as any ensuing costs, such as the electricity needed to run it. Even if you have health insurance, you can deduct payments made from taxable income. And, in addition to deducting your health insurance premium, you are permitted to deduct procedures not covered by your health insurance, such as the cost of getting contact lenses.
As science continues to find ways to help you stay healthier, the IRS continues to promote a healthy lifestyle through making wellness programs tax-deductible. Now that the IRS makes enrolling in diet programs and stop smoking classes, as well as some other health promoting programs, a deductible, you can stay healthy on a budget. However, before you deduct the cost of a wellness program or any health expense, you should consult your tax preparer. A doctor must sanction most medical deductions, and sometimes the IRS is very specific about what qualifies. Still, when you figure the costs of not only your health care, but also your household's medical expenses and your medically related expense, this number can be quite significant. By deducting it from your taxes, you save on your health care costs in the long run.
