Understanding Medical Expenses

 

The amount of money you find yourself spending on health care necessities can be overwhelming. Not only is it surprising the amount you spend, but it also can be surprising on what you are spending your money on. No matter what type of chronic illness you have, seeking relief for symptoms is a must, and a lot harder to find or maintain then we may think. Which means that a lot of money is spent finding the right solutions and maintaining the solutions that seem to work. Initially, we all understand that there are certain charges that are typically required like, copays, office visits, procedures, lab work, and such, but when it comes to expenses outside of the norm we can be shocked by how quickly it all adds up.

During office visits, typically you will receive recommendations for different products from your care providers. These items are recommended to see if they can be a source of help for your symptoms that may not be provided at the doctor’s office itself or through prescription form, which may be items that you can pick up at any local store or even Amazon. Some of these times may be considered medical expense write-offs for your taxes.

Nuanced Living Shop is officially providing a Medical Expense Packet for only $2! This packet includes a list of items that can be tracked as medical expense write-offs, along with a medical expense tracker that you can personalize with every item that you have purchased throughout the year that can go towards your yearly medical expenses tax write-offs! This is a download, meaning you can print it as many times as you want once purchased!

 

What is the formal definition of medical expenses?

medical expenses: any cost incurred in the prevention or treatment of an injury or illness.

It can be difficult to justify some medical expenses, because we may feel overwhelmed by the total amount of medical expenses, but there are ways to save, so make sure that taking care of you is a priority.

 

 

What are some examples of medical expenses?

With any item that you write off as a medical expense, you will have to make sure that it is an item you have to use to better your health within the condition(s) that you have been diagnosed with.

A great way to ensure that the item can be written off is by having your care provider write a prescription for an item (i.e. compression stockings, wheelchair, etc) or if the item can’t be written in a prescription form (i.e. specific books, certain over the counter medication, etc) have your care provider write it within their closing notes that they give you at the end of your office visit. Make sure to keep a copy of either the prescription or written note to put with your receipts, to make sure that you can verify you spent money on a particular item.

Keep track of every item cost that could potentially be written off as a medical expense. This way if you do have any questions for a tax advisory, you will already the information available. Remember you will need to keep track of all receipts to verify the purchase.

It is important for me to always be as efficient about the non-fun stuff in life as possible, to make sure that I don’t have to worry about those pieces and don’t waste the little energy I have on them. So for all those that are like me, I have created a Medical Expense Packet (for only $2!) on the Nuanced Living Shop to make the logging process easy for when tax season comes along! It is a simple download, allowing you to print off as many sheets as you desire for your personal use! I highly recommend putting your receipts and prescriptions in an envelope, along with downloading the packet to make your life so much easier in the future!

All these pieces will help make sure that you get the best write off, along with making sure you write off the right items.

 

Some examples of medical expense write-offs:

– Acupuncture

– Any treatment at specific centers that help with any type of addiction.

– Ambulances

– Artificial Limb

– Bandages

– Books and Magazines

– Guide Dog or other Service Animals

– Hearing Aids

– Home Care

– Medicine

– Surgery

– Supplements

– Therapy

– Transportation

– Prescriptions

 

To view a more complete list check out my Medical Expenses Write Off Sheet included in the Medical Expense Packet, on the Nuanced Living Shop. For only $2 you will receive a more detailed list, along with a detailed chart to print off as much as you’d like for your personal medical expenses that you can write up. It makes it a lot easier when tax season comes to save a lot of money!

 

 

Why is important to track your medical expenses?

If you can save money, or get more money back on your taxes why wouldn’t you? 

Medical expenses can be written off with your taxes. Within certain states, you will be required to spend a minimum percentage of your income on medical expenses before you write the rest off. With chronic illness, you will find it easier than you think to meet that percentage. Make sure that you speak with a tax advisor as far as exactly what can be written off as medical expenses within your state, every state may vary.

Note that anything you write off has to specifically be used for medical purposes and there are limits to what you can write off within that standard.

 

 

So what are you waiting for? Go grab your Medical Expense Packet and make sure that you write down every cent, to get the most out of your health purchases and your care!

 

 

T r u l y ,   L i n d y

 

 

Note: I am not a tax advisor to make sure that you check with your financial or tax advisor if you have any questions about specific items.

 

Image Source: @NuancedLiving