What medical expenses are tax-deductible?
IRS rules allow you to deduct medical expenses “for the diagnosis, cure, mitigation, treatment, or prevention of disease, or payments for treatments affecting any structure of the body.”
IRS Publication 502 includes a long list of deductible expenses, including standard costs like prescription medications, doctor visits, copays, and lab fees. But it also includes expenses you might not have considered, such as the cost of bandages and other medical supplies, fertility treatments, and lodging while receiving medical care.
Learn More: How to Switch Back to Medicare from Advantage Plans
Can you deduct copays?
Yes, copays are tax deductible if they’re paid as part of a qualifying medical, dental, or vision treatment.
Can you deduct prescriptions?
Prescriptions are tax-deductible, as are amounts paid for insulin. However, over-the-counter medications that a doctor doesn’t prescribe are not deductible.
Can you deduct health savings account contributions?
Yes, contributions to a health savings account (HSA) are tax-deductible as long as they’re not made with pre-tax dollars. The money in your HSA grows tax-free, and you can use the funds to pay for qualifying medical expenses at any time. You can’t deduct any medical expenses paid for with money from your HSA.