Which of the following insurance premiums can be used for a medical tax credit?

Which of the following insurance premiums can be used for a medical tax credit?

• A. Life, Health, Property
• B. LTC, extended health, travel
• C. Disability, Auto, Homeowners
• D. Only LTC

Answer: (B)

When considering which insurance premiums can be utilized for a medical tax credit, it’s important to recognize that qualified medical expenses generally cover healthcare-related expenditures. Extended health insurance and travel insurance are often eligible because they provide coverage for necessary medical care received out of province or abroad, thus falling under the category of medical expenses. Long-Term Care (LTC) insurance also qualifies because it assists individuals who require long-term care due to chronic health issues, and the premiums paid for such insurance are considered medical expenses under tax regulations. In contrast, other options like life and health insurance that are not specifically linked to medical care, as well as disability, automobile, and homeowners insurance, are not classified as medical expenses for tax credits. Therefore, the inclusion of LTC, extended health, and travel insurance makes the selected answer accurate, as they directly support health needs and qualify for tax benefits.

When considering which insurance premiums can be utilized for a medical tax credit, it’s important to recognize that qualified medical expenses generally cover healthcare-related expenditures. Extended health insurance and travel insurance are often eligible because they provide coverage for necessary medical care received out of province or abroad, thus falling under the category of medical expenses.

Long-Term Care (LTC) insurance also qualifies because it assists individuals who require long-term care due to chronic health issues, and the premiums paid for such insurance are considered medical expenses under tax regulations.

In contrast, other options like life and health insurance that are not specifically linked to medical care, as well as disability, automobile, and homeowners insurance, are not classified as medical expenses for tax credits. Therefore, the inclusion of LTC, extended health, and travel insurance makes the selected answer accurate, as they directly support health needs and qualify for tax benefits.