“Coping with the Cost of Care: Often-Overlooked Tax Deductions and Tips for Seniors and Their Families” – taxact.com

aging caregiving taxes

“As you get older, you may find you face more and more medical bills. No matter how great your insurance coverage is or if you are on Medicare, the out-of-pocket costs due to medical needs can add up. And if you or a loved one have a serious medical condition or disability, your costs can quickly get overwhelming.

“The average medical care cost for seniors retiring today is around $280,000. The average cost of long-term care needs for seniors and disabled individuals is around $4,000-$7,000 per month. Clearly, these expenses add up quickly and can drain the resources of those who need care most. That’s why individuals and their caregivers need to understand all of the potential tax benefits they qualify for to ensure they are taking all possible deductions.

“Thankfully, there are many tax deductions you can take for medical bills or the medical bills of someone in your care. In fact, around 9 million Americans currently claim tax deductions to help them lower their tax liability and pay for their medical care. But almost just as many taxpayers fail to take those deductions because they are simply uninformed.

“This guide is designed to give you all of the information you need to claim the deductions you are due. Whether for yourself or for someone you love and care for, here is what you need to know about tax deductions for medical care.”

Keep reading this article at taxact.com, click here.

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