Tax season is upon us! As receipts are gathered and deduction decisions are made, there are some benefits to keep in mind if you obtained and paid for certain health services during 2024. Read on for resources that could help reduce your tax liability and be sure to consult with a tax professional with any questions.
According to the Internal Revenue Service (IRS), those who itemize may be eligible for deduction of medical and dental paid for themselves, spouse, and any dependents to the extent those medical and dental expenses exceed 7.5% of adjusted gross income for 2024. The deduction cannot be claimed for expenses that were covered by insurance.
IRS guidance lists examples of medical expenses that may be eligible, all the way from acupuncture to contact lenses and, importantly, hearing aids. You can learn more through the IRS website here.
Addressing hearing loss plays an important role in overall health, wellbeing, and engagement, with over 8 in 10 individuals who chose to treat their hearing loss reporting life-changing results. Hearing health is associated with improved social and workplace engagement, cognitive health, balance, and more.
And if you are thinking about taking that step toward better hearing health in 2025, keep the potential tax benefits in mind. Visit hearing.org to start your journey.
The Hearing Industries Association is the trusted voice on hearing health care for product innovation, public policy, patient safety and education.
