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Life Alert is a communication system that allows you to contact emergency help if you experience the need for care when you are in your home. Life Alert is tax deductible under medical expenses when it is recommend by a physician.
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Is money spent on lenses for cataract surgery tax deduxtible?
These would be tax deductible under Medical Expenses on Schedule A if you have enough expenses to overcome the threshold and itemize. You cannot use any medical expenses that are reimbursed or paid for by insurance.
CAN i deduct travel expenses for medical appointments?
Certain expenses are deductible as an itemized deduction and classified as medical expenses. These include: 1. Lodging for overnight stays directly related to medical care, up to $50 per night. 2. Taxi rides to doctors offices. 3. Actual fuel costs of transportation, or alternatively you may use a standard mileage rate of 20 cents per mile in 2007 plus tolls and parking costs. They should be claimed on Schedule A under medical expenses and are subject to the same limitations as other medical expenses.
High deductible health plans?
A high-deductible health plan contains certain minimum dollar limits on the annual deductible and maximum limits on the out-of-pocket expenses listed under the plan. An individual health care plan would be considered high-deductible if it has an annual deductible of at least $1,200. A plan for family coverage is considered high-deductible if it has an annual deductible of $2,400. Out-of-pocket expenses for 2011 may not exceed $5,950 for individual coverage and $11,900 for family coverage. Out of pocket expenses include deductibles, co-payments, etc. www.bankofkc.com /personal/hsa-faq.aspx
Is the cost of medical insurance deductible?
Yes. Health insurance premiums are tax deductible to an individual under IRC Section 213(d).
Are hearing aids tax deductable?
Yes, with qualifications. If you itemize your medical expenses and they exceed the stated % of your adjustd gross income, you can deduct the expenses which exceed the alloted amount. IRS.govYes, but you must already be itemizing and your total Medical expenses must be more than 7.5% of your adjusted gross income.If you itemize your deductions on Form 1040, Schedule A (PDF), you may be able to deduct expenses you paid that year for medical care (including dental) for yourself, your spouse, and your dependents. A deduction is allowed only for expenses paid for the prevention or alleviation of a physical or mental defect or illness. Medical care expenses include payments for the diagnosis, cure, mitigation, treatment, or prevention of disease, or treatment affecting any structure or function of the body. The cost of drugs is deductible only for drugs that require a prescription, except for insulin. Medical expenses include fees paid to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and Christian Science practitioners. Also included are payments for hospital services, qualified long-term care services, nursing services, and laboratory fees. Payments for acupuncture treatments or inpatient treatment at a center for alcohol or drug addiction are also deductible medical expenses. You may include amounts you paid for participating in a smoking-cessation program and for drugs prescribed to alleviate nicotine withdrawal. However, you may not deduct amounts paid for nicotine gum and nicotine patches, which do not require a prescription. You may deduct the cost of participating in a weight-loss program for a specific disease or diseases, including obesity, diagnosed by a physician. You may not deduct the cost of purchasing diet food items. In addition, you may include expenses for admission and transportation to a medical conference relating to the chronic disease of yourself, your spouse, or your dependent (if the costs are primarily for and essential to the medical care). However, you may not deduct the costs for meals and lodging while attending the medical conference. The cost of items such as false teeth, prescription eyeglasses or contact lenses, laser eye surgery, hearing aids, crutches, wheelchairs, and guide dogs for the blind or deaf are deductible medical expenses. You may not deduct funeral or burial expenses, health club dues, over-the-counter medicines, toothpaste, toiletries, cosmetics, a trip or program for the general improvement of your health, or most cosmetic surgery. You may deduct transportation costs primarily for and essential to medical care that qualify as medical expenses. The actual fare for a taxi, bus, train, or ambulance can be deducted. If you use your car for medical transportation, you can deduct actual out-of-pocket expenses such as gas and oil, or you can deduct the standard mileage rate for medical expenses. With either method you may include tolls and parking fees. You may include in medical expenses the incidental cost of meals and lodging charged by the hospital or similar institution if your main reason for being there is to receive medical care. You can only include the medical expenses you paid during the year, regardless of when the services were provided. Your total medical expenses for the year must be reduced by any reimbursement. It makes no difference if you receive the reimbursement or if it is paid directly to the doctor or hospital. You may include qualified medical expenses you pay for yourself, your spouse, and your dependents, including a person you claim as a dependent under a multiple support agreement. If either parent claims a child as a dependent under the rules for divorced or separated parents, each parent may deduct the medical expenses he or she actually pays for the child. You can also deduct medical expenses you paid for someone who would have qualified as your dependent except that the person didn't meet the gross income or joint return test. You may deduct only the amount by which your total medical care expenses for the year exceed 7.5% of your adjusted gross income. You do this calculation on Form 1040 Schedule A in computing the amount deductible. Medical expenses include insurance premiums paid for accident and health or qualified long-term care insurance.
What is a Deductible for medical insurance?
A deductible is the amount that the policy holder must pay before any benefits are covered under the plan. Some plans do cover some limited services prior to the deductible being paid, or they may not cover any. It is important to know what your deductible amount is, before you purchase a policy, to make sure that you can truly afford it in the event you need medical services.
Are moving expenses tax deductible?
Sometimes.See tax topic 455 via the page link, further down this page, listed under Related Links.Not all moving expenses are deductible, you have to meet all three of the following requirements.Your move is closely related to the start of work.You meet the distance test.You meet the time test.
Is it an offence under section 498-A of IPC when a person demands additional dowry for his medical expenses?
No. It is not an offence. Dowry means to live a luxirious life. Medical expenses do not come within luxirious life.
What are the benefits of having primary and secondary medical coverage?
to my knowledge, most states only permit residents to buy medical supplements that pay expenses not covered by primary health plan, as opposed to two major medical plans. reasons have something to do with problem designating which is responsible for paying what expenses. supplements or extra PIP (personal injury protection) coverage on your auto policy are excellent for paying expenses such as high deductibles or the like if you're injured in a car accident, or you need a resource for a high deductible of four figures. PIP covers your medical regardless of whose fault accident is, and deductible insurance reimburses you within a month of writing a four figure deductible if you have a policy. secondary or supp coverage isn't necessary if you keep a cash reserve handy you can access in the event of a major medical emergency, for persons under 65. people on medicare are smart to carry supplement (AARP or the like) because extra expenses amount quickly. I think the answer depends on how you are defining secondary medical coverage. I don't see any benefit to having two major medical plans. However, that can be significant benefit in putting a packaged solution of major medical and one of more supplemental plans for greater use of resources. Example: A $1500 family deductible plan for my family is $1061 from Blue Shield of California. I can also get a $4800 family deductible plan for only $574. Since I don't like the exposure of an additional $3300 of deductible I can add secondary supplemental coverage such as a $5000 accident plan for $30 a month and a critical illness plan for about $50. Collectively I have shielded myself from much of the added exposure by layering on other coverage to pay for the things that woul likely cause me to have to pay the high deductible.
What is the difference between liability and medical coverage under homeowners?
Liability = Legal Obligation to Pay. Medical Expenses = Moral Obligation to pay.
What is covered under private medical insurance?
Coverage under private insurance varies greatly based on your carrier and your deductible. Most private medical insurance is a cushion against major catastrophes like a sudden heart attack.
What is a family deductible?
Generally, it means that medical bills for all family members covered under the plan will count toward meeting the deductible. This is different from the majority of plans, because most insurance plans have a deductible that is per person, with a maximum for the family of either 2 or 3 times that amount. For example, if a family of 5 is covered under your insurance plan, and the deductible is $1000 with a maximum of 3 times the amount, and you have, say, a bad car wreck where everyone is hurt - you would have $3000 to pay to meet your deductible. If you had the same family, and the 'Family deductible' is $1000, you would have only $1000 to pay to meet the deductible, even if everyone was hurt.
