In 2016, 1.3 million people left America to receive #medical care, mainly in #Mexico. Those travelers save on medical services. Then save again on #tax deductions.
Patients travel for popular procedures such as:
* face lifts,
* dental care,
* knee replacements, and
* even open heart surgery.
Also, people seek drugs or treatments only available abroad.
The FDA may be slow in approving new treatments or drugs. And insurance companies may deny coverage for prescribed procedures or medicines. Conversely, some insurance companies and progressive employers cover #medical tourism.
Tax Savings for Medical Tourists to Mexico Allowed
Medical tourists can cut the tax levied on their income. Unlike patients who stay at home, medical tourists can also deduct the costs of travel, lodging, and meals.
US tax law allows income earners to deduct medical expenses. Those are the costs of diagnosis, treatment, cure, or prevention of a mental or physical illness or injury.
Allowable expenses include:
* annual physical exams,
* breast reconstructive surgery,
* diagnostic services,
* contact lenses,
* hearing aids,
* chiropractic care, and
Also, taxpayers may deduct the cost of medical insurance premiums for policies that help defray the costs above.
The law usually does not allow #cosmetic surgeries. The exception is when the surgery treats a diagnosed medical condition.
Instead of itemize expenses, a medical tourist can accept the standard deduction. That ranges from about $6000 to $14,000.
Tax Savings for Medical Tourists to Mexico on Holiday
A patient traveling to Mexico, etc, may need someone to go with them. The helper could be a friend or family member. The patient can deduct that #companion’s travel expenses, too.
During recovery, the patient could enjoy a vacation. To keep the tax benefits, your pleasure may not be “significant”.
Are you coming to the biggest expat community in Mexico for a doctor or dentist? We vet the best–affordable and qualified. Contact DocTours to arrange healing on holiday. Have fun but for the IRS curb your enthusiasm.