TAX DEDUCTIBLE OPTIONS THAT MAY HELP OFFSET YOUR EXPENSES
Our programs do not focus on disease, but rather on maintaining and optimizing health. GenZone Age Management Medicine preventive aging specializes exclusively in preventive-aging clinical services and is not a provider for primary care medical services. We do not treat acute or emergent medical conditions. Consequently, insurance companies and the government do not cover professional fees, prescriptions or laboratory tests.
Since GenZone Age Management Medicine does not accept insurance or Medicare, you may want to consider programs designed to give individuals tax advantages, which help offset healthcare costs, such as Health Savings Accounts (HDAs), Medical Savings Accounts (MSAs), Health Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs)
- Health Flexible spending accounts (FSA). A health FSA may receive contributions from an eligible individual; employers may also contribute. Contributions are not included in income. Reimbursements from FSA used to pay qualified medical expenses are not taxed
- Medical Spending Accounts (MSA). An Archer MSA may receive contributions from an eligible individual and his/her employer, but not both in the same year. Contributions by the individual are deductible whether or not the individual itemizes deductions. Employer contributions are not included in income. Distributions from an MSA used to pay qualified medical expenses are not taxed
- Healthcare Spending Accounts (HSA). An HSA may receive contributions from an eligible individual or any other person, including an employer or a family member, on behalf of an eligible individual. Contributions, other than employer contributions, are deductible on the eligible individual’s return whether or not the individual itemizes deductions. Employer contributions are not included in income. Distributions from an HSA used to pay qualified medical expenses are not taxed
- Health Reimbursement Arrangements (HRA). An HRA must receive contributions from the employer only; employees may not contribute. Contributions are not includible in income. Reimbursements from an HRA used to pay qualified medical expenses are not taxed.
Some medical expenses may be eligible for tax deduction on the 1040 Schedule A. The IRA website is http://www.irs.gov/pub/irs-pdf/p502.pdf
Dr. Mahl and the staff at GenZone Age Management Medicine encourage you to have a primary care physician. We are happy to work in cooperation with your physicians upon request.