Call (951) 768-5398 to speak with a licensed insurance agent.

Call (951) 768-5398 to speak with a licensed insurance agent.

Two Reasons to Keep Track of Your Medical Expenses

Posted by Darrell Evans, July 13, 2022

More chores are the last thing any of us want, but when it comes to medical expenses, keeping track of them can benefit you later. In fact, there are two very good reasons to maintain meticulous records of your out-of-pocket spending on healthcare.

Evaluate your Medicare options. Understanding how much you’re spending on premiums, copays, deductibles, medications, and medical equipment can help you understand whether your current Medicare plan is a good fit for your needs. If your expenses seem too high, you have the option to enroll in a different plan during the Annual Election Period each fall or the Open Enrollment period from January through March (only for those enrolled in Medicare Advantage plans).

Sometimes, switching plans can help you shave off some of your excess expenses.

Deduct your unreimbursed medical expenses on your tax return. A healthcare expense is “unreimbursed” when it is not covered nor reimbursed by your healthcare plan (including Medicare plans). Assuming that is true, you can claim the following unreimbursed expenses as a potentially valuable deduction on your federal income tax return:

  • Out-of-pocket spending on surgeries, treatment, or preventive care
  • Dental care, including dentures
  • Vision care, including eyeglasses or contact lenses
  • Hearing exams and hearing aids
  • Payments for prescription medications
  • Payment for insulin
  • Travel expenses when you must travel to receive medical care, such as mileage, bus fare, parking and toll fees, etc.

If your expenses exceed 7.5 percent of your adjusted gross income (AGI) you can deduct those on your tax return. This can be helpful to retirees, who must budget a fixed income while working to reduce income tax liability. Do consult with a tax professional before making any changes to your tax filing status, so that they can guide your decision in the direction that best benefits you.

Need more information?

Contact us online to learn more

Contact Us

Close Accessibility Tools
Accessibility Controls Reset
Content Adjustments
Font Size


Line Height


Content Scaling


Highlight Titles
Highlight Links
Highlight Forms
Align Left
Align Center
Align Right
Focus Mode
Color Adjustments




Accessibility Statement

Despite our attempts to make this website accessible for everyone, there may still be some pages or sections that are not completely accessible, are in the process of becoming accessible, or do not have a suitable technological solution to make them accessible. Nevertheless, we are always striving to enhance our accessibility by adding, updating, improving its options and features, and incorporating new technologies.

We want to provide our users with the best experience possible, so we strive to support as many browsers and assistive technologies as possible.

If you wish to contact this website's owner, please use the contact form on the website.

Our User Interface Adjustment Options

Font adjustments - With this tool, users can modify font size, style, letter spacing, and line height for improved alignment and readability.

Color adjustments - Users can customize their color contrast profiles to light, dark, desaturated, and monochrome.

Content highlighting - Users can prioritize key elements such as links, forms, and titles.

Content focus - Users can enable focus mode to highlight the current page information based on their mouse movement.