Most Life Care residents of Spring Harbor benefit from the medical expense deduction on their annual IRS tax returns. Portions of non-refundable entrance fees and monthly fees paid by independent living residents of a Life Care facility like Spring Harbor are often deductible to the extent that they represent a charge or pre-payment for future personal care or skilled nursing care. Tax-deductible medical expenses include things like health insurance premiums (including Medicare premiums), long-term care insurance premiums, prescription drugs, personal care and nursing home care and many other out-of-pocket health care related expenses.
Residents can use the 7.5% threshold for deducting medical and dental expenses as long as the taxpayer or their spouse was 65 or over during or before the tax year.
*Spring Harbor does not provide tax advice. Please contact your tax accountant for guidance.