Ways to save money this tax season

  • Published
  • By Jenna Holtz
  • TriWest Healthcare Alliance
GRAND FORKS AIR FORCE BASE, N.D. --  Uncle Sam is giving everyone until April 17 to mail in their federal tax forms this year. It's the result of a quirky collision between April 15 being on a Sunday, and Emancipation Day, a new legal holiday - only in the District of Columbia - April 16.
Regardless of what deadline people set for themselves, they might get a healthier return by tracking medical expenses through TRICARE explanation of benefits.
In order to maximize medical expense deductions for the 2006 tax season, people should collect the EOBs for each TRICARE beneficiary in their family.

Registered beneficiaries on www.triwest.com can access their EOBs by logging in to their secure TriWest account. From the Personal Profile, click on "Claims" and select the appropriate "EOB" button. People can register on www.triwest.com. 

What Qualifies as a Medical Expense?
The Department of the Treasury, Internal Revenue Service defines medical expenses as the "costs of diagnosis, cure, mitigation, treatment or prevention of disease, and the costs for treatments affecting any part or function of the body." They include costs of equipment, supplies and diagnostic devices. Dental expenses are also considered medical expenses. Fees for eye exams, eyeglass frames and lenses, and contact lenses are also eligible for tax deductions.

Medical care expenses must be used primarily to alleviate or prevent a physical or mental defect or illness. They do not include expenses that are merely beneficial to general health, such as vitamins or a vaccination.

Medical expenses include the premiums paid for insurance that cover medical care expenses, and the amounts paid for transportation (mileage) to get medical care. They also include amounts paid for qualified long-term care services and limited amounts paid for any qualified long-term care insurance contract.

So, collect records now and enjoy the extra deadline. For more information, visit the beneficiary portal at www.triwest.com, or call 1-888-TRIWEST (874-9378).