While some things get easieras we age, understanding medical expenses and traversing taxes never do. Thiscan be especially true when it comes to an understanding of qualified medical costs and how you can get a tax break.
Medigap plans are purchased from private insurance companies to cover health care costs not covered by original Medicare. Medigap plans coverthings like copayments, deductibles, and health care expenses if you are traveling outside the US.
Tax season is rapidly approaching, and it’s natural to wonder with all the expenses you have going out every month, what can you get back. The good news is, your Medigap premiums are tax deductible.
The premiums paid for Medigap plans are considered an ordinary medical expense. You would follow the same guidelines as any other expense in this category. For this deduction to work though, taxpayers must itemize their deductions to get the Medigap tax benefit. Of course, if you were deducting any other medical expenses, you would have to itemize, anyway. It’s always best to consult with your CPA or other tax professionals before deciding on what to deduct or what can be deductedon your taxes.
Here are a few other medical expenses you may be able to deduct as well:
But remember there are income limitations you will face when itemizing tax deductions. The IRS says that if your adjusted gross income is higher than a certain amount you may not be allowed to deduct all your itemized deductions. Be sure to check with the IRS website or your tax professional for clarification.
To learn more about the benefits of Medigap insurance tax deductions or other Medicare-related questions, contact the professionals at (844) 374-1950. Our licensed insurance experts will be happy to answer any questions you have.