First, let me say I am not an accountant or tax expert at all. This questions would be best answered by a Certified Public Account or other tax pro.
I can only speak to my personal situation. For years we didn't have a group plan through my company and I had individual/family coverage that I paid for out of pocket. I also have family members who have some health issues that included specialists, a lot of RX drugs, etc. Simply due to the cost of the health coverage, we had to go with a high deductible health plan as well.
So, over the course of a year we would have our health premiums, high deductibles, plus a bunch of specialist costs that were not even covered by our insurance. This generated a ton of dollars that came out of my pocket personally. There is a threshold for medical expences (I don't remember what it is) where anything over an above that figure is deductible on your tax return. I have been well over that figure every year for the last 5 or 6, so I have been able to deduct a good amount of my out of pocket expence.
This is just my personal situation and again, I am not a tax professional of any sort. All this was done on the advice of my personal accountant. I would highly recomend you contact a tax professional and discuss your individual situation with them.
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I can only speak to my personal situation. For years we didn't have a group plan through my company and I had individual/family coverage that I paid for out of pocket. I also have family members who have some health issues that included specialists, a lot of RX drugs, etc. Simply due to the cost of the health coverage, we had to go with a high deductible health plan as well.
So, over the course of a year we would have our health premiums, high deductibles, plus a bunch of specialist costs that were not even covered by our insurance. This generated a ton of dollars that came out of my pocket personally. There is a threshold for medical expences (I don't remember what it is) where anything over an above that figure is deductible on your tax return. I have been well over that figure every year for the last 5 or 6, so I have been able to deduct a good amount of my out of pocket expence.
This is just my personal situation and again, I am not a tax professional of any sort. All this was done on the advice of my personal accountant. I would highly recomend you contact a tax professional and discuss your individual situation with them.