Tax refund for medical expenses??? Medicare statement
Just wondering how you go about getting your expenses listed for tax time? I have had big dental expenses this financial year so will exceed the safety net. I have the dental receipts but have not kept all my doctor's receipts which total ~ $1200 for the year.
Will medicare issue me with a yearly statement of funds received/paid out??
TIA
oh wow I didnt know you could claim dental back! That has made my morning I was in medicare recently and just filled out a form to request my for Medicare Benefit tax statement for this years and last. My 2010 one outlines the total charges, the total benefits and the total out of pocket.
It is not claimable from Medicare but I believe once your expenses (dental and medical) exceed 2K then you get a tax refund of 20c per $1 over this amount.
We are just trying to work this out too as we have had huge medical expenses for the year. I think you may have to go to the individual providor (ie doctor etc) to get the total for the financial year.
you go into medicare after July 1 and aks for a tax statement of benfits which will list all your out of pocket medicare claimed bills....do the same with your health fund if you one or simply add up our dental receipts and add the two figures together hun...don't forget presciption receipts and all that jazz too.
As melbel said, you contact Medicare after June 30 and request your tax statement. Alternatively, if you are signed up for online services, you can print it out yourself.
And it is once your medical expenses exceed $1500 When I had my braces done it made a big difference to my tax, but having DS with a private obstetrician made barely any difference...
Yep tested this today. The lady at Medicare said she could order it for me & it would be posted out several weeks into July. Or I could register for online services and view it myself. Caveat- if you are partnered you can only access your own records & your partner will need to register for theirs.
also even if your partner is on your card you can't pick up their statement from the medicare office if you go in for them...they have to do it themselves...got caught out with that one too......you can get your children's though, just not your husbands!
Yep, as everyone said, anything that you have claimed from a doctor through medicare, medicare keeps a record of. You can access it online (super easy to sign up for), but you can't access your spouses details (so I signed DH up so I can check his also when doing our tax).
I asked previously our accountant, and it is fine for him to claim my medical expenses, as I have no income, and he is technically supporting me.
Also, with medicines the threshold to get the $5.40 script is actually once you have exceeded 24 scripts.. Which is annoying, i get to around 20 and we pay at least $2k OOP for medicines for me each year
You would be suprised by what you claim. It is pretty much anything at the direction of a doctor, so physio, medicines, over the counter pharmacy only medication at the direction of a doctor to treat a specific condition (so my daughter was anaemic, so I could claim her iron supplements, it has to be something that you can't buy in a supermarket and it can't be pain relief related), dental, dietician, ot, speech therapy, psychology, etc. There is a lot that you can claim, sleep apnoea machines etc. We put in for a private tax ruling last year (very easy, there is directions online how to do it, and they give examples of the rulings that have won etc so you can base your claim on that) in relation to OT aides, which was granted.
You can claim back 20% above $1500 OOP (which i think is stupid, once you have expenses that high, you should qualify and get the 20% off the $1500 also). For example, last year our OOP was almost $4000. We can only claim 20% of $2500 which is $500. That's not a lot back when you have so many medical expenses.
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Tax refund for medical expenses??? Medicare statement
I was in medicare recently and just filled out a form to request my for Medicare Benefit tax statement for this years and last. My 2010 one outlines the total charges, the total benefits and the total out of pocket.
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