02 Oct 2012

Medical Expense

by Darren

I had an accident a few weeks back and the issues I have encountered with reimbursement of my medical expenses through my company, company insurer and my personal hospitalization insurance have been a nightmare to say the least. As such I did a review of the tax law in relation to tax deductions for medical expenses. From my findings depending on your income levels and country of residence I highly recommend getting full medical cover.

In the USA you may be able to deduct expenses you paid that year for medical and dental care for yourself, your spouse, and your dependents. You may deduct only the amount by which your total medical care expenses for the year exceed 7.5% of your adjusted gross income and or years commencing after December 31, 2012, you may deduct only the amount by which your total medical expenses exceed 10% of your adjusted gross income.

In Australia, there are deductions available for health insurance premiums. In addition, you can claim a tax offset of 20% of your net medical expenses over $2060. There is no upper limit on the amount you can claim. Net medical expenses are the eligible medical expenses you’ve paid, less any available refunds from Medicare or a private health insurer.

In Hong Kong and Singapore, as an individual you cannot claim any medical expenses as a deduction. However, if you are self employed or have set up a company you may claim as a deduction the medical expenses of your employees subject to many restrictions.


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