Tax Deductible Medical Expenses to Know About

Especially for Hudson Valley caregivers of the elderly, or special needs children

Many families across the Hudson Valley are caring for elderly parents and relatives, and children with special needs. Since 2011 is coming to a close, and many are getting their financial documents in order, remember to consider the year's medical expenses.  April will be here before you know it.

Tax-Deductible Medical Expenses

If you are the caregiver of an elderly parent or a child with special needs, chances are you rack up thousands of dollars annually in medical expenses. Depending on the total amount you’ve spent, you may be able to deduct those expenses from your taxes. To qualify for this type of deduction, the total cost of your unreimbursed medical expenses must exceed 7.5% of your adjusted gross income.

The list below covers medical expenses that can be deducted from your taxes (as an itemized deduction, on a Schedule A of the 1040, for out-of-pocket medical expenses:

·         Acupuncture

·         Adapters to TV sets and telephone (hearing impaired only)

·         Ambulance

·         Artificial Limb

·         Bandages

·         Braille books and magazines

·         Improvements to your home to accommodate a disability

·         Car (cost of extra equipment so that a person with disabilities can drive)

·         Chiropractor

·         Crutches

·         Dental Care and Dentures

·         Diagnostic Devices

·         Eye glasses, Contact lenses and solutions

·         Hearing Aid

·         Hospitalization

·         Home health care

·         Insulin

·         Insurance premiums, co-pays and deductibles for health, dental, eye, and long-term insurance.

·         Lifetime care fees (percentage of feeds paid under lifetime contract with a continuing care retirement community)

·         Long-term care services

·         Meals (in-hospital or similar facility only)

·         Medicare Part B premiums

·         Nursing home  and assisted living costs

·         Nursing services

·         Surgeries

·         Optometrist

·         Oxygen

·         Prescription drugs and medicine

·         Psychiatric care

·         Prescription Drugs 

·         Stop-smoking programs

·         Therapy

·         Transplant

·         Transportation to receive medical care (in the form of mileage, parking and tolls)

·         Weight-loss program (only if part of treatment for a specific disease or condition)

·         Wheelchairs

·         Wigs (if hair loss is due to medical condition or treatment)

·         X-rays

Bernard Krooks, a sought-after expert on elder law, special needs planning and estate planning matters, has been quoted in The Wall Street Journal, The New York Times, Newsweek, Forbes, Investment News, Financial Times, Money Magazine, Smart Money, Worth Magazine, Kiplinger’s, Bloomberg, Consumer Reports, Wealth Manager, CBS, Lawyer’s Weekly USA, Reader’s Digest, Bottom Line, The Journal of Financial Planning, The New York Law Journal, The Daily News, New York Post and Newsday, among others. He has testified before the United States House of Representatives and the New York City Council on long-term care issues. He also has appeared on Good Morning America Now, National Public Radio, CNN, PBS, NBC, and CBS evening news, as well as numerous cable television and radio shows.



To read the complete list of deductible medical expenses, visit IRS Publication 502: Medical and Dental Expenses.  To read more about estate planning, visit