There has been a lot of discussion lately about how to solve the crisis of rising health insurance and the growing number of uninsured. I don’t know about you, but none of the solutions sound very good to me. At best, universal healthcare seems to be marginally effective at best where it’s been implemented. Having people without health care in a society as affluent as ours is distasteful. The taxpayers footing the bill for those who can’t or won’t have health insurance is aggravating. Are there any good solutions? I think there is – but nobody is talking about it. Read more
Tag Archive for medical expenses
Well, it would be a bit of a stretch to say that most of us don’t want to pay taxes. However, who wouldn’t take a tax deduction if it is available? For all those individuals who are looking out for different ways by which they can reduce their tax liability, here is one effective method of doing so. You can include your Medicare premiums and even dental expenses in tax filing for better deductions. Sure, there are some prerequisites and details that one must consider and they are below.
Deducting Medicare Premiums Read more
Flexible Spending Account (FSA) allows employees to be reimbursed for medical expenses. FSAs are usually funded through voluntary salary reduction agreements with your employer. The benefits of an FSA are that no employment or federal income taxes are deducted from your contribution. Some employers will even contribute to your FSA account.
Withdrawals may be tax free if you use the funds for qualified medical expenses. You can withdraw funds from the account to pay for qualified medical expenses even if the funds are not yet in the account.