Financing ADR - Advice and Tips

[Don]

I am really trying to figure out the best way for my family to pay for ADR in Europe. It's going to be tough. Hopefully my insurance company will reimburse me, but I am not too hopeful. With all of the experience here, I wonder if anyone has some great advice to offer?
One of the clinics in Germany stated that many patients have church or local community groups fund raise to help them pay for it. I can't see that happening in my case, but I bet it really helps some.

I am wondering about how much of the expenses will be deductable from taxes?

I should go talk to a financial guy or tax guy, but wanted to ask for advice here too.

Thanks,

So, any advice or comments?

[Terry]

Don:

Medical expenses may be deducted if it exceeds 7% of your gross income. With all of your deductions for a family anyway you may be surprised how much you can deduct. Your travel is part of this expense as well as your accommodations.

Instead of an arm and a leg you may just have to give up an arm. What a deal.

Terry Newton

[chasswen]

only one problem med deductions do not carry over to the following yr.
so the best you will do is get all that you paid in to the feds. nothing more
we got screwed out of about 25k that didnt get us any more money.
now if you pay the doctor half in 07 and half in 08 then you could deduct both yrs.
suxs big time.
chuck

[Terry]

Chuck is absolutely correct in that deductions do not carry over from one year to the next. The key is to get most of the big stuff done in the same year. It may help as well if you get an AFLAC plan. With a cafeteria plan you can have money taken out pre-tax, lower your tax bracket, get reimbursed by your employer with no taxes taken out once you turn in medical receipts. I also have a hospitalization plan that paid over $4,000 of my stay at Stenum. Every little bit helps.

Terry Newton