[Woody]

I was wondering how you go about claiming the medical insurance portion of travel insurance on your taxes? Most articles I read say you can only claim the medical insurance portion (fair enough) and for those of us with total coverage (cancellation, early return and medical grouped into one package) we should call them and get a receipt for just the medical portion.

I'm with BMO Mastercard Total Travel and Medical, and when I called them earlier this year they said they could not do that; that the price of each was was packaged at a better (but not publicly advisable apparently) rate. Any ideas?


https://www.bmo.com/main/personal/c...-insurance#BMOTotalTravelandMedicalProtection

 

[makemerich]

Very good question... but before you think too much about it, do you have enough medical expenses to claim the tax credit? Medical expenses need to be greater than 3% of your net income or ~$2,200 (whichever is lesser) to get a credit (without considering dependents and spouse). The link you shared is for $129/year, so you'd likely need a lot more medical than that to qualify for a tax credit.

 

[agent99]

Very good question... but before you think too much about it, do you have enough medical expenses to claim the tax credit? Medical expenses need to be greater than 3% of your net income or ~$2,200 (whichever is lesser) to get a credit (without considering dependents and spouse). The link you shared is for $129/year, so you'd likely need a lot more medical than that to qualify for a tax credit.

Good point - We go to trouble of adding up all our medical travel insurance, dental, drug and other eligible costs, but seldom have enough to make the claim. You can choose any 12 month period ending in the tax year, so sometimes when we made multiple trips we did claim.

 

[Woody]

Very good question... but before you think too much about it, do you have enough medical expenses to claim the tax credit? Medical expenses need to be greater than 3% of your net income or ~$2,200 (whichever is lesser) to get a credit (without considering dependents and spouse). The link you shared is for $129/year, so you'd likely need a lot more medical than that to qualify for a tax credit.

I misread it as UP TO 3%... Thanks for catching my error! Even if it proved me properly taxed...