J.K. Lasser's 1001 Deductions and Tax Breaks 2023, 3rd Edition

CHAPTER 2Medical Expenses

• Individual Mandate

  Employer‐Provided Health Insurance

  Premium Tax Credit

  Health Coverage Tax Credit

  Itemized Medical Expenses

  Self‐Employed Health Insurance Deduction

  Long‐Term Care Coverage

  Flexible Spending Accounts for Health Care

  Health Reimbursement Arrangements

  Individual Coverage HRAs

  Excepted Benefit HRAs

  QSEHRAs

  Health Savings Accounts

  Archer Medical Savings Accounts

  ABLE Accounts

  COBRA Coverage

  Medicare

  Continuing Care Facilities and Nursing Homes

  Accelerated Death Benefits

  Decedent's Final Illness

  Medical Insurance Rebates

Alert

At the time this book was published, Congress was considering tax changes that could affect 2022 tax returns and planning for 2023. Check the online Supplement in February 2023 at www.jklasser.com or www.BigIdeasForSmallBusiness.com to see what changes have been enacted and when they become effective.

Covid‐19 continued to be problematic in 2022 and brought medical care and its cost to the forefront. Rising premiums, increased co‐pays, higher drug prices, and government mandates continue to be headline news. Fortunately, the tax law provides you with some relief for the high cost of medical care by allowing you to treat your medical expenses in special tax‐advantaged ways, as explained in this chapter. There is no federal tax penalty for failing to have minimum essential health coverage, which had previously been required by the Affordable Care Act. (A few states continue to have their own individual ...