As tax season approaches each year, it’s time to gather up your tax documents, crunch the numbers and hope for the best.
For many older Americans, it also means utilizing some key health care-related deductions.
Here is a list of 17 health care expenses that seniors or people with disabilities may be able to deduct from their taxes this year.
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Medical expenses are defined by federal tax law as “the costs for diagnosis, cure, mitigation, treatment or prevention of disease, and for treatments affecting any part or function of the body.”1
But the IRS also allows for a number of tax deductions that don’t necessarily fit into any of those categories, and many of these deductions often go overlooked by tax filers.
Some of these potential deductions can include costs related to:
The tax filing season typically ends on Monday, April 15. You can consider talking to a tax professional if you believe any of the deductions above may apply to your filing.
Your Medicare premiums are likely tax-deductible, but if you're currently employed, don't expect them to be taken out pre-tax. Instead, these premiums will need to be deducted when you file your taxes, assuming you file an itemized return.
Most healthcare plan premiums are considered tax-deductible, including privately sold Medicare Advantage plans. This is only applicable if your tax return is itemized, however.
In order to be considered tax-deductible, your total medical expenses will need to exceed 7.5% of your Adjusted Gross Income (AGI).
Medicare Supplement (Medigap) plan premiums are often considered tax-deductible as well.
A Medicare Advantage plan may help you save money on some of your health care costs.
For example, Medicare Advantage plans are required by law to cover everything that Original Medicare (Part A and Part B) covers, but many Medicare Advantage plans offer other benefits that Original Medicare doesn't cover.
All Medicare Advantage plans also include an annual out-of-pocket spending limit, which Original Medicare doesn't cover.
Read additional medicare costs guides to learn more about Medicare costs and how they will affect you.
Speak with a licensed insurance agent
Christian Worstell is a senior Medicare and health insurance writer with MedicareAdvantage.com. He is also a licensed health insurance agent. Christian is well-known in the insurance industry for the thousands of educational articles he’s written, helping Americans better understand their health insurance and Medicare coverage.
Christian’s work as a Medicare expert has appeared in several top-tier and trade news outlets including Forbes, MarketWatch, WebMD and Yahoo! Finance.
Christian has written hundreds of articles for MedicareAvantage.com that teach Medicare beneficiaries the best practices for navigating Medicare. His articles are read by thousands of older Americans each month. By better understanding their health care coverage, readers may hopefully learn how to limit their out-of-pocket Medicare spending and access quality medical care.
Christian’s passion for his role stems from his desire to make a difference in the senior community. He strongly believes that the more beneficiaries know about their Medicare coverage, the better their overall health and wellness is as a result.
A current resident of Raleigh, Christian is a graduate of Shippensburg University with a bachelor’s degree in journalism.
If you’re a member of the media looking to connect with Christian, please don’t hesitate to email our public relations team at Mike@tzhealthmedia.com.