Is my membership to BFHC tax deductible?
Unfortunately, your membership to BFHC is not tax deductible yet. Your fee is not yet defined as a “medical expense” by the IRS and as such is not deductible. Please confer with your tax consultant to clarify tax consequences in your particular circumstances.
What Are Medical Expenses?
“Medical expenses are defined by the IRS as the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body. These expenses include payments for legal medical services rendered by physicians, surgeons, dentists, and other medical practitioners. They include the costs of equipment, supplies, and diagnostic devices needed for these purposes.
Medical care expenses must be primarily to alleviate or prevent a physical or mental defect or illness. They don’t include expenses that are merely beneficial to general health, such as vitamins or a vacation.
Medical expenses include the premiums you pay for insurance that covers the expenses of medical care, and the amounts you pay for transportation to get medical care. Medical expenses also include amounts paid for qualified long-term care services and limited amounts paid for any qualified long-term care insurance contract.”
Membership vs. Health Insurance Costs
Based on the average cost of health insurance by Value Penguin, one year membership for a family-of-four still costs less than one year of health insurance. The average cost in Ohio for a year of health insurance is around $3,096 (not including primary care costs). Your family-of-four’s membership with Beavercreek Family Health Center could cost as low as $1,440.