New tax plan will hinder care for older Americans
We believe that the House GOP tax plan disproportionately benefits the wealthy and big corporations. Now it’s evident that older Americans with serious or chronic health conditions will be helping to pay for those tax breaks.
That’s because the Republican tax plan eliminates the deduction for medical expenses that nearly 9 million people have used to offset high out-of-pocket costs for care. The ranking member of the Senate Finance Committee, Senator Ron Wyden (D-Ore.), labeled the repeal of this tax deduction “anti-senior.”
Some 75 percent of Americans who claim the medical expense deduction are 50 or older. Older Americans typically require more medical care and disproportionately suffer from chronic illnesses. They use the medical expense tax deductions not only for co-pays and co-insurance, but for long-term care in nursing homes or in their own homes. Nursing home and in-home care can cost tens of thousands of dollars a year. The medical expense deduction helps offset the taxes seniors owe on their retirement savings distributions.
Current tax law permits deductions for preventive care, treatment, surgeries, dental and vision, and long-term care which exceed 10 percent percent of an individual’s adjusted gross income for the year. According to Money magazine, individuals are not only allowed to deduct their own expenses, but “those of their dependents, which includes aging parents who live with the individual and meet other criteria.”
http://thehill.com/opinion/healthcare/358945-new-tax-plan-will-hinder-care-for-older-americans
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