New, Higher Hurdle to Deduct Care

Published Online: November 26, 2012
The squeeze is on for folks who rely on the tax code for relief from big medical bills. Starting next year, taxpayers will only be able to deduct medical expenses that exceed 10% of their adjusted gross income.

For years that threshold has stood at an already formidable 7.5% of income. (People age 65 and older can keep using the old threshold through 2016.) The change affects taxpayers who itemize deductions on Schedule A of the 1040 form instead of taking the standard deduction.

Read the full story: http://on.wsj.com/QG9j6W

Source: The Wall Street Journal

Feature
Recommended Articles
In the fourth year of the Hospital Readmissions Reduction Program, which makes hospitals pay closer attention to their patients after discharge, half of the nation’s hospitals will be penalized by Medicare because of their readmissions.
The diagnosis and management of patients with dementing illnesses can be challenging, but the cost of misdiagnosing dementia as Alzheimer’s disease can be as high as $14,000 a year, according to a study published in Alzheimer’s & Dementia.
The announced price for alirocumab, the first PCSK9 inhibitor approved for use in the US, was the top story in managed care this week. Also, HHS announced $100 million available to combat substance abuse, and Medicare and Medicaid turn 50 years old.
Proposed mergers of Aetna and Humana, and Anthem and Cigna, raise questions of whether consumers will continue to see competition in health insurance markets.
Healthcare spending growth between 2014 and 2024 is projected to be substantially lower than the 3 decades prior to 2008, according to a new report from CMS. In addition, the average premium for a basic Medicare Part D prescription plan will remain stable in 2016.