| Stop Right There: Don't make a claim unless you know | | | | provides medical insurance coverage for all persons |
| the facts. There are plenty of rumors swirling around | | | | injured in or by your car because the part of the |
| about what you can and cannot claim as medical | | | | premium for you, your spouse, and your dependents is |
| deductions. But the IRS's official list in Publication 502 | | | | not stated separately from the part of the premium |
| says otherwise. Watch out, don't fall for the myths and | | | | for medical care for others |
| get into trouble. | | | | You can include your Weight-Loss Program in your |
| You can include ALL of your insurance premiums in | | | | medical deductions. |
| your medical deductions. | | | | Wrong again! You can ONLY include a weight-loss |
| Wrong. The IRS actually has a list of insurance | | | | program in your medical deductions if the program is |
| premiums that you cannot include as medical | | | | vital and you have a serious medical illness. This |
| deductions. These include: | | | | includes issues like obesity and heart disease. But |
| - Life insurance policies | | | | remember, even if you do qualify to use your |
| - Policies providing payment for loss of earnings | | | | weight-loss program as a deduction, you cannot |
| - Policies for loss of life, limb, sight, etc | | | | include membership dues in a gym, health club, or spa |
| - Policies that pay you a guaranteed amount each if | | | | as medical expenses. You can only include separate |
| you are hospitalized for sickness or injury | | | | fees charged at the gym or health club for weight loss |
| - Health or long-term care insurance if you elected to | | | | activities. |
| pay these premiums with tax-free distributions | | | | You Can Include Cosmetic Medical Procedures in your |
| - The part of your car insurance premiums that | | | | Medical Deductions. |