Could Your Weight-Loss Expenses Be Tax Deductible?
Obesity and its medical complications are an expensive problem in the United States. Because the costs continue to rise, the government is offering tax incentives to entice people to lose weight. At this time of year when you're thinking about improving your health and also filing tax returns, why not do something that can benefit both?
According to research from the Centers for Disease Control, obesity-related medical costs could be as high as $147 million annually. The CDC also reports that "The proportion of all annual medical costs that are due to obesity increased from 6.5 percent in 1998 to 9.1 percent in 2006." Since 2002, the government has been offering tax incentives to help combat these rising expenses.
If you are losing weight to treat a medical condition (obesity is considered a medical condition), you can deduct certain items from your taxable income. If you itemize your taxes, some examples of things you can deduct include: initial fees to join a weight loss program (which you likely won't have since you're a member of SparkPeople, which is free :), bariatric surgery, visits to a dietitian and behavior counseling. Although you can't deduct things like a gym membership or home exercise equipment, it's still good to be aware in case you incur expenses that could give you a tax break.
Financial incentives are one thing that motivates people to lose weight. Whether its tax savings, winning the weight loss "pool" at the office, or financial benefits from your employer, money is motivational. But is it a tool for lasting success? Are people likely to stick with their healthy habits when the taxes are done or the competition at work is over?
Have financial incentives ever helped you make a permanent lifestyle change? Have you ever deducted any weight loss items from your income taxes?
According to research from the Centers for Disease Control, obesity-related medical costs could be as high as $147 million annually. The CDC also reports that "The proportion of all annual medical costs that are due to obesity increased from 6.5 percent in 1998 to 9.1 percent in 2006." Since 2002, the government has been offering tax incentives to help combat these rising expenses.
If you are losing weight to treat a medical condition (obesity is considered a medical condition), you can deduct certain items from your taxable income. If you itemize your taxes, some examples of things you can deduct include: initial fees to join a weight loss program (which you likely won't have since you're a member of SparkPeople, which is free :), bariatric surgery, visits to a dietitian and behavior counseling. Although you can't deduct things like a gym membership or home exercise equipment, it's still good to be aware in case you incur expenses that could give you a tax break.
Financial incentives are one thing that motivates people to lose weight. Whether its tax savings, winning the weight loss "pool" at the office, or financial benefits from your employer, money is motivational. But is it a tool for lasting success? Are people likely to stick with their healthy habits when the taxes are done or the competition at work is over?
Have financial incentives ever helped you make a permanent lifestyle change? Have you ever deducted any weight loss items from your income taxes?
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Comments
I don't know if this applies to the lower-priced "wannabe" shoes like Sketchers etc that have the same effect. I do know we've bought home blood pressure monitors that were FSA eligible, and I suspect this BodyBugg or similar device would also be eligible. - 7/28/2010 1:59:46 PM
It can cost me from $52.00 to $65.00 per month and that doesn't include my hubby's visits. Hopefully we can get it covered under my disability. If not I shall try the tax reduction out. No harm in trying they can only deny you. LOL - 1/27/2010 12:07:38 PM
I'm vacationing in France right now and all of the ads for food have warnings on the bottom throughout the ad saying things like "nibbling between meals is bad for your health", but I couldn't find skim milk or low-fat yogurt at the grocery store. - 1/25/2010 12:40:32 PM
- 1/23/2010 11:06:13 PM
My employer offers WW free, but I've been on SP and prefer it. If my employer offered a free gym membership...now, that would be something! - 1/23/2010 12:47:46 PM
Now my employer changed health plans, and there's no such reimbursement, but the habit remains. I don't imagine it would for everybody, though. - 1/23/2010 8:51:55 AM
The cost of the things that I've needed do not qualify as tax deductions... but my expenses have gone up for the short term (need new clothes as I shrink out of my old ones, new running shoes every 4 months as I run out the miles that the shoes have in them) but at the same time, I look at it as an investment in myself. I'm not spending my money on books, or other sedentary activities.
In the end, I have changed my lifestyle for myself, and not for any financial incentives. - 1/23/2010 8:43:20 AM
Tax incentives are helpful, but most people don't spend enough on healthcare to qualify. - 1/23/2010 6:45:04 AM
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