Canada question: Travel medical insurance

[Nghthawke]

Any Canadians here claim their travel medical insurance on their tax return? Apparently a percentage of your travel medical insurance is tax-deductible as a medical expense. Not the trip cancellation/interruption part. So if you have a combined insurance, you can request an Income Tax letter and it will list the amount of the tax-deductible for the medical expense only. 

[superoma]

Yes, I have been using the medical insurance cost as a tax deduction for years.

[Nghthawke]

Is it easy to do? What line does it go under? 

[kazu]

55 minutes ago, Nghthawke said:

Is it easy to do? What line does it go under? 

With your medical deductions - it’s part of the total.

[Nghthawke]

Thank you. I'm retiring in a few weeks so this is helpful. 

 

[Fouremco]

5 hours ago, Nghthawke said:

Any Canadians here claim their travel medical insurance on their tax return? Apparently a percentage of your travel medical insurance is tax-deductible as a medical expense. Not the trip cancellation/interruption part. So if you have a combined insurance, you can request an Income Tax letter and it will list the amount of the tax-deductible for the medical expense only. 

I've had an annual policy with MEDOC Travel Insurance for a number of years and receive a letter every year specifying the amount applied to private medical insurance. I've never had an issue with the tax deduction.

[lots-of-km2]

6 hours ago, Nghthawke said:

Apparently a percentage of your travel medical insurance is tax-deductible as a medical expense.

 

I was completely unaware of this until I read your post and the responses in the thread.  Very helpful -- thank you for raising it! 

[YXU AC*SE]

Tax guide here:  https://www.canada.ca/content/dam/cra-arc/formspubs/pub/rc4065/rc4065-21e.pdf

 

tl;dr version? 

Pay attention to amounts for things like trip interruption, air travel coverages, lost baggage etc -- they cannot be included. 

 

But generally speaking one's cumulative annualized medical expenses only become a non-refundable tax credit when they exceed 3% of your net income.  

 

Amounts you can claim
Line 33099 – You can claim the total of the eligible expenses minus the lesser of the following amounts:

$2,421  OR    3% of your net income (line 23600 of your tax return)

 

source:  https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4065/medical-expenses.html#toc2

 

Scott. 

Edited March 8, 2022 by YXU AC*SE

[Fouremco]

This is typical of the annual statement that I receive:

 

Dear Member:

 

The total premium paid for your Travel Insurance Plan for the period of
January 1, 2021 to December 31, 2021 inclusive, reduced by any refunds
that may have been issued within the calendar year, was $413.23.

 

The portion of the total premium that was paid towards medical coverage was
$282.45. The portion that was paid towards non-medical coverage was $130.78
which includes $9.68 of Sales Tax.

The premium paid towards medical coverage may qualify for an income tax
credit. Please contact a qualified tax advisor or the Canada Revenue Agency
to determine eligibility.

Please feel free to contact us at 1-866-606-3362 if you require further
information regarding your Travel Insurance policy.

Sincerely,

[Nghthawke]

Thank you for the replies.

 

I was thinking of signing up for MEDOC. I just joined the Assoc. Federal Employees yesterday. Anyone else find MEDOC is worthwhile? They have two options for travel insurance right? Domestic and out-of-country.

 

Do you get all that information in the mail when you sign up or do you have to get in touch with the MEDOC/Johnson Insurance people?

[YXU AC*SE]

base outline here:   https://static.johnson.ca/static/johnson/medoc_equote/pdf/model_c_en/Group.pdf  

assuming your eligible group = National Association of Federal Retirees

Scott. 

[Nghthawke]

1 hour ago, YXU AC*SE said:

assuming your eligible group = National Association of Federal Retirees

 

Yup, that's the one. Thank you for the link to the pdf file. It looks pretty good. 

[john2003]

We used Medoc for years and were very satisfied. Especially good as I as the primary, am younger than my spouse. Premiums were based on my age. Eventually we got in trouble with preexisting conditions. GP would tweak a medication, immediately triggering the clause. We would then have to buy a totally separate plan at high cost. Solution was to move to their Prestige plan. This costs us more as well but we have peace of mind. 

[Dreamer115]

On 3/7/2022 at 9:17 AM, Nghthawke said:

Is it easy to do? What line does it go under? 

Medical expense