The Medicare agency says some COVID-19 testing and treatments will cost extra after the public health emergency expires.
On May 11, the Biden administration would terminate the federal COVID-19 public health emergency declaration, putting a stop to some of the free treatments that Congress had promised patients under several COVID-19 relief measures.
Free COVID-19 Treatments
Seniors will no longer receive free over-the-counter COVID-19 tests and will eventually be required to pay for COVID-19 treatments such as Pfizer’s antiviral Paxlovid. At least initially, though, antivirals will remain free because the U.S. government provided the doses already in circulation.
When the products enter the commercial market in the summer or early fall, there may be a cost-sharing arrangement, according to the agency.
However, some items and services will remain gratis. A CMS representative stated that Medicare will continue to fund immunizations and lab tests and antigen tests requested by physicians and other healthcare providers.
Currently, there are no authorized monoclonal antibody treatments that are effective against circulating Covid-19 variations, but if new ones are approved, they will be covered at no cost to patients until the end of December, according to the spokesman.
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Which Medicare Costs Are Taxable?
However, Medicare premiums are absolutely tax-deductible, but only under certain conditions. In order to deduct medical expenditures from your federal income tax return, you must itemize your deductions.
In lieu of claiming the standard deduction, you must preserve all receipts and other records to write off a portion of your health care expenses.
In order to qualify, your total itemized deductions must exceed the more straightforward standard deduction. This includes tax-deductible charity contributions, qualified medical costs, local and state income or sales taxes, and mortgage interest. Any 2022 expenses and deductions can be claimed on the 2023 tax return.
If you qualify, you can deduct Medicare and any related insurance premiums when you itemize your deductions. This comprises Medicare Parts A, B, and D, Medicare Advantage, Medicare Supplement Insurance, and Long-term care insurance.
Additional out-of-pocket medical expenses are also eligible, although there is a restriction. You cannot receive reimbursement for copayments and deductibles from any other insurance, including Medicare Advantage, Medigap, and retiree health insurance.
The bulk of dental, hearing and vision care costs can also be written off against taxes. Eye surgery is also covered, in addition to regular dental examinations, dental procedures, hearing aids, and hearing tests. Tax deductions may also apply to some home improvements and the purchase of medical equipment.
Medicare does not cover certain psychologist or psychiatrist treatment charges and other services. Lastly, many travel expenses where you can receive emergency medical care are also tax deductible. Cosmetic surgery of any sort, late enrollment penalties, and non-prescription drugs are the only Medicare expenses that are not tax-deductible.
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