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How to get Tax Deductions for Medical Weight Loss Programs
Date:7/23/2013

Canoga Park, CA (PRWEB) July 23, 2013

It’s often been said that good health is priceless. However true that is, weight loss comes at a cost. Luckily, medical weight loss programs might actually cost less than you think. Lots of people don’t know about the deductions and cost savings they may be able to get from their medical weight loss plan. 101 Medical Weight Loss offers advice for savings on the following three structures: HSAs / MSAs, FSAs, and the itemized medical expense deduction.

HSAs / MSAs:
A Health Savings Account (HSA) or Medical Savings Account (MSA) is a tax-exempt account established exclusively for the purpose of paying for "qualified medical expenses" of the account owner. So, an HSA or MSA allows individuals to save for such qualified medical expenses with pre-tax money. Your medical weight-loss program may qualify.

According to the Internal Revenue Service (IRS), “You can include in medical expenses amounts you pay to lose weight if it is a treatment for a specific disease diagnosed by a physician (such as obesity, hypertension, or heart disease).” If this sounds like your situation, then you should contact your tax advisor and physician to see whether a HSA or MSA might help pay for your medical weight loss program costs.

Of course, your tax advisor and/or employer can also explain some of the differences between HSAs and MSAs, so you should consult their expertise to determine the option(s) that might apply to you.

FSAs:
A Flexible Spending Account, or FSA, is another pre-tax program designed to provide some of the benefits of HSAs and MSAs. These pre-date the HSAs/MSAs by several years, and also have a use-it-or-lose-it provision: FSA funds not spent the year they are set as
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