Related Topics

Medical Debt Help
Have our medical debt experts negotiate your medical debt to a fraction of what you owe.

How to Negotiate Medical Bills/Debt
Yes, you can negotiate medical bills. Understand what is involved to successfully negotiate to lower your bills.

Medical Bill Payment Plan Negotiation
When negotiating medical bills, setting up a payment plan can be one of the most powerful negotiation tools you can use.

Negotiate Bills on Your Own Or Use a Medical Debt Expert?
Determine if you can resolve your debt on your own through negotiation. If you can't, there are experts waiting to help you.

Plan a Budget for Medical Bills
Knowing how to budget is key to ending unpaid medical bills and medical debt.

More Financial Medical Articles

 



Medical Debt IRS Tax Deduction

Over the last decade or so health insurance and rising medical bills have been all over the news for political and basic human interest reasons. Medical bills and their related illnesses have been the reason for a few million bankruptcies each year. Because of this ordinary citizens as well as the government have become ever innovative in finding methods of medical bills help. The government offers medicaid and medicare but most people do not know the income tax deductions that are offered to individuals struggling with certain diseases.

Though too late a piece of information to use on your last taxes, you may receive medical bills help by deducting medical expenses necessary for your chronic disease. Of course the proviso is that this is only applicable when your medical bills represent 7.5 percent or higher of your adjusted gross income. This tax deduction for medical bills helps those that are dependent on their medical care and with its effect on their refunds might help keep their insurance paid. The deduction applies to HMO's and home care, X-Rays and parking fees. Of course for the IRS the records you keep of your medical bills help them get a picture of what you have claimed so make sure that they are clear and comprehensive.