![]() ![]() You can include health insurance premiums in your medical expense calculations. Are Health Insurance Premiums Tax-Deductible? Weight-loss programs are only deductible if a doctor prescribes them after diagnosing a specific illness. You can also include meals if you purchase them at a medical facility while receiving care. Prescription medications and necessary items such as glasses and hearing aids are also tax-deductible, and you can even deduct travel expenses such as parking fees, bus fare and gas mileage on your car. Medical treatments such as surgeries and preventative care are tax-deductible. Taxpayers can deduct the following unreimbursed qualified medical expenses when they file their taxes: What Health Care Costs Are Tax-Deductible? When you enroll in California health insurance through the Covered California Health Exchange, you may qualify for up-front tax credits based on your income. You can claim qualified, out-of-pocket medical expenses as deductions on your taxes and use them to reduce the amount of taxes you pay for the year. Platinum: The platinum plan covers 90% of health care costs, so policyholders pay the remaining 10% of costs.ĭepending on your coverage level, you may be responsible for paying large sums toward your medical expenses.Gold: The gold plan pays 80% of health care costs, so policyholders are responsible for covering the remaining 20% of costs. ![]() Silver: The silver plan covers 70% of health care costs, so policyholders are responsible for the remaining 30% of costs.Bronze: The bronze plan pays 60% of health care costs, so policyholders are responsible for paying the remaining 40% of their medical costs.However, catastrophic plans are only available for individuals experiencing financial hardship or people younger than 30. Catastrophic: These plans cover less than 60% of health care costs, leaving policyholders responsible for a large percentage of their costs.Policyholders are responsible for certain costs based on the following health insurance plans: Your plan will cover a certain percentage of your medical costs, but you will be responsible for the remaining percentage of costs. Individuals are responsible for covering different amounts of medical costs depending on their insurance plan. The Internal Revenue Service (IRS) has specific rules about qualified medical expenses and how to properly deduct them. Only some medical costs are tax-deductible, so it’s important to understand which costs you can claim on your taxes. If your insurance doesn’t fully cover your medical bills, you may be able to use them to reduce your tax bill. Did You Know Some Health Care Costs Are Tax-Deductible? ![]()
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