Under the 7.5% AGI threshold, which may be considered a medical expense?

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Study for the Louisiana Series 103 – Life, Health, and Accident or Sickness Insurance Exam. Familiarize yourself with key concepts through engaging questions and explanations. Prepare effectively for your exam!

Multiple Choice

Under the 7.5% AGI threshold, which may be considered a medical expense?

Explanation:
Medical expenses are deductible only to the extent they exceed 7.5% of your AGI, and costs that count as medical expenses include qualifying long-term care insurance premiums. Those premiums are treated as medical expenses and can be included in the medical-expense total for the deduction, subject to the AGI threshold and applicable limits. The other items don’t fit: non-prescription vitamins aren’t deductible unless prescribed for a specific medical condition, funeral expenses are personal costs, and mortgage interest is deductible as a separate itemized deduction, not as a medical expense.

Medical expenses are deductible only to the extent they exceed 7.5% of your AGI, and costs that count as medical expenses include qualifying long-term care insurance premiums. Those premiums are treated as medical expenses and can be included in the medical-expense total for the deduction, subject to the AGI threshold and applicable limits. The other items don’t fit: non-prescription vitamins aren’t deductible unless prescribed for a specific medical condition, funeral expenses are personal costs, and mortgage interest is deductible as a separate itemized deduction, not as a medical expense.

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