Q:

What are some common types of medical expenses?

A:

Quick Answer

Common type of medical expenses include prescription medications, rehabilitation, hospital stays, diagnostic tests and insurance, according to Greg Monforton and Partners. More expenses include surgery and therapy. It is important to keep track of such expenses for a variety of reasons, including when seeking reimbursement through a personal injury claim.

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What are some common types of medical expenses?
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Full Answer

To calculate medical expenses when seeking reimbursement, it is important to keep proper documentation, advises Greg Monforton and Partners. The evidence to prove the medical expenses accumulated from a personal injury may be acquired from a variety of resources, including hospital bills, charges for ambulatory services, copies of prescribed medication receipts and any other medical records. The loss of wages may also be indirectly considered a medical expense in such cases if such loss is due to the injury in question.

A list of common medical expenses may also be necessary for tax deduction purposes, because many such expenses may be tax deductible, reports Intuit. Such expenses may include hospital care, substance abuse treatment, medical aids, preventive care, nursing home expenses, medication and artificial teeth. As of 2014, such expenses are only deductible to the extent that they exceed 10 percent of a taxpayer's adjusted gross income. There is a temporary exemption of the 10-percent threshold for taxpayers age 65 and older and their spouses until December 31, 2016. For these taxpayers, the threshold for non-deductible medical expenses is 7.5 percent of the AGI until that deadline.

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