Changes in health care deductions soon to kick in
Published on November 26, 2012 at 10:39 AM
The Wall Street Journal examines key changes in the health insurance marketplace for which consumers should be prepared.
The Wall Street Journal: New, Higher Hurdle To Deduct Care
Starting next year, taxpayers will only be able to deduct medical expenses that exceed 10% percent of their adjusted gross income. For years that threshold has stood at an already formidable 7.5 percent of income. (People age 65 and older can keep using the old threshold through 2016.) The change affects taxpayers who itemize deductions on Schedule A of the 1040 form instead of taking the standard deduction (Geer, 11/25).
The Wall Street Journal: Women Face Higher Costs
Shopping for long-term-care insurance is about to get even trickier for families -- and potentially costlier. Until now, insurers have charged the same premiums regardless of gender for the policies, which help pay for future nursing-home, assisted-living and home care. But beginning early next year, Genworth Financial, the country's largest long-term-care insurer, plans to start charging women applying for coverage as much as 40 percent more than men (Greene, 11/23).
This article was reprinted from kaiserhealthnews.org with permission from the Henry J. Kaiser Family Foundation. Kaiser Health News, an editorially independent news service, is a program of the Kaiser Family Foundation, a nonpartisan health care policy research organization unaffiliated with Kaiser Permanente.