INSURANCE AND TAX CONSIDERATIONS
It is important to be aware of insurance and tax considerations that may provide economic benefit and relief to families of children with autism and related developmental disabilities. For instance, there various tax laws that pertain to individuals with special needs and many expenses may qualify as medical tax deductions. IRS Publication 502 is a great resource for medical deductions. However, only medical expenses that exceed 7.5% of a family’s adjusted gross income are potentially deductible. The IRS has defined medical expenses in its Publication 502. Many parents may be surprised to know, besides the straightforward medical expenses like doctor’s visits, items like therapeutic schools, therapies, biomedical treatments, transportation related to medical expenses, and a number of other things may be deductible with appropriate substantiating information. In addition, insurance may be available to cover the cost of some treatments and related supports.
Courtesy of: Stuart FlaumAgency: Special Needs Family Planning at AXA AdvisorsWebsite: www.specialneedsfamilyplanning.com Email: stuart.flaum@axa-advisors.comPhone: 732-476-2807
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