Health Care
The most frequently asked tax questions related to Health Care
Special food prescribed by a doctor
Asked Tuesday, December 19, 2000 by an anonymous userCPA Answer:
The additional costs of special food or diets over the costs of normal food are deductible if prescribed by a doctor to alleviate a specific medical condition.
The excess can be claimed as a medical itemized deduction on IRS Schedule A subject to the 10% / 7.5% limitation.
The excess can be claimed as a medical itemized deduction on IRS Schedule A subject to the 10% / 7.5% limitation.
Braille books -visually impaired son
Asked Tuesday, December 19, 2000 by an anonymous userCPA Answer:
The excess of the costs of the braille books over the regular printed editions you buy for your visually impaired son are deductible as a medical itemized deduction on IRS Schedule A subject to the 10% / 7.5% limitation.
Medical Lab fees
Asked Tuesday, December 19, 2000 by an anonymous userCPA Answer:
Yes. The medical laboratory fees are deductible as a medical itemized deduction on IRS Schedule A limited by the 7.5% MAGI limitation.
is the amount I pay for life insurance deductible ?
Asked Tuesday, December 19, 2000 by an anonymous userCPA Answer:
No. The cost of life insurance is not deductible.
Special mattresses - arthritic back condition
Asked Tuesday, December 19, 2000 by an anonymous userCPA Answer:
Mattresses and special bed boards prescribed by a doctor bought specifically to alleviate an arthritic condition are deductible as a medical itemized deduction on IRS Schedule A subject to the 10% / 7.5% MAGI limitation.
Jenny Craig weight loss payments
Asked Tuesday, December 12, 2000 by an anonymous userCPA Answer:
Weight-loss programs are not deductible unless related to a specific medical condition and recommended by your doctor.
What is a Actuarial Evaluation ?
Asked Friday, December 01, 2000 by an anonymous userCPA Answer:
A actuarial evaluation is a life expectancy calculation by a professional actuary. A actuary is
a specialist in the mathematics of risk as it relates to insurance and annuity rates and insurance calculations such as premiums, dividends and reserves.
In reference to insurance , what is an Elimination period ?
Asked Monday, November 27, 2000 by an anonymous userCPA Answer:
An Elimination period is a type of deductible. It is the length of time the individual must pay for covered services before the insurance company will begin to make payments. The longer the elimination period in a policy, the lower the premium.
In reference to insurance , what is a Guaranteed Renewable policy ?
Asked Monday, November 27, 2000 by an anonymous userCPA Answer:
Guaranteed renewable is when a policy cannot be cancelled and must be renewed when it expires unless benefits have been exhauseted. The company cannot change the coverage or refuse to renew the coverage for other than nonpayment of premiums. This includes changes in health conditions or marital or employment status.