I have a 5,000 deductible which is horrible. I am self insured since I own a business. But next year I will have to put out a lot of money for scripts. I won't be able to change my plan until the health law changes since I was denied because of my pre-existing condition!
can you not deduct this amount from your taxes?The short answer: not much. You can only deduct health expenses that exceed
7.5% of your adjusted gross income, which is a pretty high hurdle to get over. Many years I can't deduct my out of pocket medical expenses. For example, say you earn $50,000, you can only deduct medical expenses that are over $3750. So that $3,750 is money not deductible at all. Any medical expenses over $3,750
are deducted from your adjusted gross income not your taxes
. So if you are in the 20% tax bracket you get to save 20 cents of every dollar you spend over $3,750. People who earn more get to deduct less because the 7.5% hurdle is higher for them.
Whooppee...not. I know this because I was self-employed too. People think self-employed people get a lot of tax breaks and that's not true. The truth is we had to pay for everything ourselves, health insurance being the biggest expense.
Current diet=SCD+Paleo modified (some fruit+dairy OK now)
In remission April 2010 after 10 years of UC with no remission ever
Jan 2010 began SpecCarbDiet (modified to remove dairy, fruit & juices,)
Gluten-free=bleeding stopped in 3 days, 95% remission in 5.5 months on SCD
(9)Balsalazide+(2)Citrucel, mesalamine enema as needed (1) VSL#3 nightly