Home Page | Contact Us | Privacy Policy
 Patient Resource Center    
Search  
Quick Links
Cancer Types
Cancer News
Cancer Dictionary
Drug Dictionary
Member Center


CancerConsultants
   oncology resource center

Patient Resource Center


Cancer Tips


More Cancer Tips

Expensing Medical Costs on Your Tax Returns

Even with good insurance, treatment and follow-up care for cancer can incur many out-of-pocket expenses. One way to recoup some of these expenses is to do an itemized deduction for you medical and dental expenses on your tax return. Note that you are only allowed to deduct the amount of your medical and dental expenses that is greater than 7.5% of your adjusted gross income. If your income is high or your expenses are low, you might not benefit from an itemized deduction of medical expenses.

The obvious deductible expenses include any medical or dental care costs for you, your spouse (if filing jointly), your child or dependent that were not covered by insurance. Any out-of-pocket medical expense that was reimbursed by insurance is not deductible. Other obscure expenses that are deductible include acupuncture, therapeutic massage, chiropractic medicine, contact lenses, eye glasses and laser eye surgery. Cosmetic or illegal surgeries are not deductible.

If your treatment requires travel, transportation costs for travel by bus, taxi, train or plane are deductible. If traveling by car, you can expense the actual cost for oil and gas or allot 12 cents per mile. In either case, include parking fees and tolls. Lodging, but not meals, can also be deducted while traveling for the explicit purpose of medical treatment. Allowable lodging expenses may not exceed $50 per night per person.

Other miscellaneous expenses you should keep track of and are allowed to deduct include medical conferences, prescription medication (including birth control pills), artificial limbs, wigs and nursing services. Nutritional supplements and household help other than nursing are not currently deductible.

By keeping track of expenses and deducting them on your tax returns, you may be able to partially recover some of the out-of-pocket medical expenses not covered by your insurance. For more information on deducting medical and dental expenses look at Publication 502 and the instructions for Schedule A of form 1040 at www.irs.gov or see your accountant.

Information presented in The Daily Tip is offered as a guide to augment a patient’s research of cancer and treatment and does not replace the advice of a doctor. For more information on a specific cancer, go to CancerConsultants.com, www.cancer.gov, and consult your physician. For more information on lymphoma, patients can visit the Leukemia and Lymphoma Society’s Web site at www.leukemia-lymphoma.org.





General Disclaimer: The purpose of the Patient Resource Center is to help educate patients and their families about the management of cancer in order to facilitate shared decision-making with their treating healthcare provider. This program meets Oncology Nursing Society guidelines for quality educational content. Information on the Patient Resource Center does not constitute medical advice. Healthcare providers should exercise their own independent medical judgment. Lilly Oncology is a sponsor of the Patient Resource Center.