It provides reimbursement for ANY AND ALL transportation expenses incurred by us anywhere in the world when in an accident. It can include Ambulance, Helicopter, even Airplane, if necessary. It is a 5 year policy. Is it deductible? If so, can we deduct it each year for a portion or do we have to deduct ALL of the expense at once?
You'll need to sign in or create an account to connect with an expert.
Yes, you can deduct the premium in the year you paid it. Transportation to a medical treatment facility when you are sick or injured would be considered "medical care". The cost of an ambulance is covered under health insurance which is deductible.
According to the IRS: "Deductible medical expenses may include payments for insurance premiums you paid for policies that cover medical care or for a qualified long-term care insurance policy covering qualified long-term care services". The IRS does not specifically list separate insurance premiums paid for medical transportation, however, transportation and travel costs are generally deductible as a medical expense if they're needed to reach a medical treatment facility.
Yes, you can deduct the premium in the year you paid it. Transportation to a medical treatment facility when you are sick or injured would be considered "medical care". The cost of an ambulance is covered under health insurance which is deductible.
According to the IRS: "Deductible medical expenses may include payments for insurance premiums you paid for policies that cover medical care or for a qualified long-term care insurance policy covering qualified long-term care services". The IRS does not specifically list separate insurance premiums paid for medical transportation, however, transportation and travel costs are generally deductible as a medical expense if they're needed to reach a medical treatment facility.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Gcook6484
Level 1
betsy-leeman
New Member
diana1203-
New Member
karlahettinger
Level 1
jaxgab
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.