The short answer to whether medical alert devices and systems are tax deductible is no. There are, however, other ways to score tax write-offs while simultaneously maximizing safety in and around the home.
While the Internal Revenue Service, or IRS, does not explicitly accept itemized tax returns with deductions for medical alert devices or systems, they do allow older adults to score tax write-offs for medical expenses. This means that the IRS does allow seniors to write off costs associated with maintaining medical alert systems.
Thus, older adults should keep all receipts and bills for paying a monthly subscription fee for their medical alert system, so that they can deduct those costs come April. There are, of course, even more, creative solutions that pre-retirees and post-retirees can consider to stretch their dollars still further.
Independent seniors are strongly encouraged to look into every type of tax break possible to ensure they get the biggest bang for their hard-earned buck. These folks are strongly encouraged to alert their physician or primary care provider about their intention to seek tax relief under the medical expenses umbrella, as those personnel might be required to furnish key data during an audit.
Partnering with healthcare providers could also help seniors justify even more savings if a doctor were to recommend they make minor changes to their homes. To wit, widening doorframes, modifying showers, upgrading toilets and installing handrails are also considered tax deductible. Creating a paper trail with one’s doctor is always a good idea when attempting to minimize taxes.
There are many ways to maximize tax deductions each April by contributing to retirement funds, maintaining receipts for medical or dental expenses, keeping business receipts, donating to charities and continuing to invest. Seniors should also consider using Medicare, Medicaid or other government-based payment systems to continue the use of a medical alert device or system.
Even if the IRS does not reimburse out-of-pocket expenses for medical alert devices, many insurance companies might. In conclusion, and despite medical alert systems not being tax deductible by the IRS, there are still several top-notch, tax-reducing strategies that an older adult can use to make sure they continue to live happily, independently and safely.