2023-05-02 19:05:14
- The Major Medical Expenses Insurance covers items such as medical fees, medications, hospital expenses, treatments, dental coverage and others in case you require them.
- The deadline to file the annual return is May 2, 2023.
- Personal deductions can be filed in the areas of education, health and others to make the final amount of your tax payment less.
Forecasting is the best tool to anticipate problems of any kind. Because not everyone has social security or seeks other types of options, there is the Insurance of major medical expenses. Although before moving forward it is necessary to start with the general definitions.
What are they and what do they work for?
It is a financial product that guarantees and improves the quality of life of individuals and families. They cover medical expenses such as: medical fees, medications, diagnostic aids, hospital expenses, treatments, orthopedic devices, emergencies abroad, funeral expenses, dental coverage, accidental death, among others, based on the type of insurance you purchase.
On the other hand, April is the month in which all workers must present their annual declaration. It is an official document that is presented to the Tax Administration Service (SAT). In it, natural persons present a report of all the transactions they carried out during the year, with the deadline on this occasion being May 2, 2023.
The people who are obliged to present the annual declaration are those who obtained income greater than 400,000 pesos in the year. Also, if they worked for two or more employers in the same year, even if they did not exceed 400,000 pesos or if the employer was requested in writing not to submit the Annual Declaration and if they stopped providing services before December 31, among others. .
One of the most attractive financial advantages of knowing and complying with tax responsibilities and filing your annual return is that you can obtain a credit balance if you file all your deductions. This refers to your expenses that can be subtracted from the amount that must be paid to the State as taxes.
For natural persons, the personal deductions that can be presented correspond to the education, health, funeral expenses, donations, tuition, insurance premiums and savings accounts, among others.
Focusing on the expenses of the health sector, a range of options opens up to be deducted, for example: medical fees, hospital expenses, psychology and nutrition services, clinical analyzes or laboratory studies. However, to deduct it is necessary that the hospital or clinic you visited issue invoices with the cost of the medical services used and that the health professionals have a professional title legally issued and registered by the authorities.
Can the Major Medical Expense Insurance be deducted in the annual statement?
Now, a great and popular ally to protect your health and your finances is the Insurance of major medical expenses. Not only because of the benefits they provide, such as immediate medical attention, but also because the premiums are deductible. The only thing you have to see is that the annual declaration is applied within the type of deduction premiums for medical expenses insurance and not as a medical expense.
In addition, to deduct this insurance you must not deduct other types of insurance such as life or retirement and it is important to avoid deducting 100% of the bill when it includes other non-deductible concepts such as copayment, coinsurance, discount memberships, as well as making sure that the product and service key corresponds to the keys related to this type of personal deduction.
Also read:
What are Major Medical Expense Insurance and how do they work?
Medical Expense Insurance: Basic concepts you should know
Less than 1% of Mexicans have insurance for major medical expenses
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