Deducting Medical And Dental Expenses

medical and dental expensesTax season is not usually the favorite time of any person’s year. If you itemize deductions, it may even be a bit more overwhelming for you than for others. But it can benefit you. If you spent a lot in medical and dental expenses (more specifically, if your medical and dental expenses exceeded 10% of your adjusted gross income for the year) you can deduct them. Here are some tips for you to claim a federal income tax deduction for medical and dental expenses.

As mentioned above, the total of your qualified medical and dental expenses must exceed 10% of your AGI to claim a deduction. The exception is if you are married and at least one spouse is 65 or older, the expenses can exceed 7.5%.

Also, you must itemize your deductions; you cannot use the standard deduction. And you must have paid the medical expenses during the same year of tax return you are filing. If you were reimbursed by another source for any of the expenses, you may not deduct those amounts. But you may be able to claim the cost of travel for medical care. To find a list of qualified expenses, visit the IRS website.

Lastly, if you participate in a health savings account or flexible spending account that you used to pay for medical expenses, you cannot claim these as a tax deduction as these funds are already withdrawn on a tax free basis.

Dental Health Care May Put A Strain On Household Finances

dental health careMany households in America do not have dental insurance because they simply cannot afford it.  But having to pay for dental health care can put a strain on household finances in many other countries as well.

In an article from Medical News Today, they write about a new study that showed that some catastrophic dental expenses were equal to or higher than 40 percent of some household’s capacity to pay.

Dental services can cost households a large portion of their available income and push many people into long term debt. Dental public health advocates should push for dental care to be included in discussions about health coverage. Read the full article from Medical News Today here: High costs of dental care leave many with too little money for basic necessities – Medical News Today.

Tips For Saving On Dental Costs

dental costsMany people avoid the dentist because they simply don’t have the money to fork over for dental treatment.  Dental treatment is known to be very expensive in the United States, in Europe and Australia. But if you wait to see the dentist, the costs only get more expensive because you may find yourself in an emergency situation.  There are a few tips for saving on dental costs.

Dental insurance – Many employers do provide dental insurance plans for their employees.  If not you can pay for one on your own.  It is similar to medical insurance in that you pay certain premiums and then the company covers dental costs for you. If you do have a dental insurance plan, you may find that it is especially good for preventative care coverage.  There may still be additional costs when you see the dentist.

Dental tourism – This is an up and coming trend that involves traveling to other countries, that have less expensive dental costs, to get dental treatment. One place that many travel for oral hygiene and dental care treatments is Asia.  Another advantage, besides the less expensive costs, is the opportunity to see new places while getting your teeth taken care of.  You may find that even with the cost of travel, you will save costs.

Free dental care – This is a little bit deceiving because though they are labeled “free”, these dental treatments do usually cost some money.  But the amount is very minimal.  They are usually offered through charity organizations, and are usually only offered to low income families or people with diseases.

Discount dental plans – These plans are a bit different than traditional dental insurance.  You still pay a premium in order to be eligible for the discount, but you can save from 20 to 60 percent on most dental treatments whether they are restorative or cosmetic. It also allows you to find the dentist that will offer you the best discount and which treatments will be the most discounted.

5 Tips To Save On Dental Costs|Dental Health Site