IM of CNY
Financial Wellness and Your Medical Expenses
By Tammy Hogan, Medical Administrative Assistant, Financial Advisor
There are so many challenges that people face in their health and wellness journey, and one of them is the financial impact. As many of our patients know, quite often their insurance companies will not pay for many of the Doctor’s visits and integrative treatments that they need in order to feel better. The first thing that you can always try is to submit a claim to your insurance company with the invoice that you receive from your appointment. It is always worth a shot to try to get anything that you can back from your insurance company, even if it is just a small amount. Many times, they will also apply the entire amount of the visit toward your deductible.
If your insurance company does not cover your health care costs, there is always one other option to try to recoup some of the money that you have spent. That is by filing your health care expenses as a deduction on your taxes. Be sure to save all of your invoices and receipts for any health care expenses you have paid over the year. You can deduct your health care expenses as long as your medical expenses exceed 7.5% of your household income and your total deductions exceed the standard deduction, which is for a single filer $12,550, and for a married couple it is $25,100 for 2021. Some of the other items you can deduct are charitable contributions, student loan interest, some education expenses, certain self- employment and home office expenses, alimony payments, some IRA and HSA contributions, jury duty pay, mortgage interest, and some taxes. This is just a small list of items that can be deducted so be sure to check with your accountant about everything you can deduct.