Health Care

Up to $50 for each night for each person is deductible for lodging expenses not provided in a hospital or similar institution while away from home to receive medical care in a hospital or medical facility related to a hospital.
The deductible amount is reportable as a medical itemized deduction on IRS Schedule A subject to the 10% / 7.5% MAGI limitation.

No. The cost of life insurance is not deductible.

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.

A noncustodial parent does not lose the right to claim the child's medical expenses (health insurance, doctors, dentists prescription drugs etc.)as a itemized deduction on IRS Schedule A if both the custodial and noncustodial parent together provide more than half of the support of the child and either had custody for at least six months during the year.

Weight-loss programs are not deductible unless related to a specific medical condition and recommended by your doctor.

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.

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.

Generally,life insurance premiums cannot be deducted by a business. A CPA can work with you to creatively legally deduct life insurance premiums. For example, Life insurance premiums which are part of a pension plan contribution can be deducted by the business. Speak to a CPA to learn more about this.

Any transfer of assets to an Inter Vivos Irrevocable Trust will not automatically create a 60 month period of ineligibility for Medicaid. When a transfer to a trust is made the period of ineligibility will be calculated by taking the dollar value of the asset transferred and dividing it by the average monthly cost of a nursing home as determined by the Department of Social Services in your area. Not all transfers to a trust will automatically create a 60 month period. There can be transfers made to a trust which create periods of ineligibility of less than 36 months. Speak to your local CPA or an elder law attorney for more information on trust transfers and Medicaid.