![]() In a year, this adds up to $28,080! The median cost of an assisted living facility is $4,500 per month, and a semi-private room in a nursing home is $7,908 per month. According to Genworth’s 2021 Cost of Care Survey, the median monthly cost for a mere 20 hours of home health care per week totals $2,340. This may seem like a high threshold, but consider the average costs of health care and long-term care in this country. If you incurred $4,750 in medical expenses in 2021, then you would only be able to deduct $1,000 ($4,750 - $3,750). Any eligible expenses above this amount would then be deductible. ![]() For example, if your AGI is $50,000, then the first $3,750 of medical expenses are not deductible. To qualify for the deduction, the total cost of your eligible unreimbursed medical expenses must exceed 7.5 percent of your adjusted gross income (AGI). ![]() “Secondly, the medical expenses must be of the type approved by the IRS as qualifying for the medical expense deduction,” Luscombe says. How Much Medical Expenses Can Be Deducted?
0 Comments
Leave a Reply. |