The threshold for seniors to claim the medical expense tax deduction would remain at 7.5 percent of income under bipartisan legislation introduced last week by U.S. Sens. Rob Portman (R-OH) and Shelley Moore Capito (R-WV) to help seniors offset rising health care costs.
The Seniors Tax Hike Prevention Act would head-off a higher threshold for the medical expense tax deduction that is scheduled to take effect in the next tax year and maintain the current 7.5 percent level for two additional years.
“The rising cost of health care is a critical issue for every American, but especially for seniors who live on fixed incomes,” Portman said. “This bill provides important tax relief to help offset many of the costly medical expenses that seniors are faced with.”
Portman and Capito introduced the bipartisan bill with U.S. Sens. Sherrod Brown (R-OH) and Bill Nelson (D-FL).
AARP CEO Jo Ann Jenkins voiced support for the bill, stating that it would help older Americans who face high health care costs.
“We hope to see Congress follow the lead of Sens. Brown and Portman by enacting legislation to prevent a tax hike on seniors with high medical costs,” Jenkins said.
Brown added that expensive health care costs shouldn’t leave seniors having to choose between buying food and filling prescriptions. “Deducting the cost of going to the doctor and buying expensive prescription drugs is a bipartisan solution to help relieve the cost of health care for seniors,” Brown said.