Are concierge medicine fees tax deductible?
A form of doctor-patient relationship in which patients pay a yearly retainer fee to their doctor in exchange for more personalized care is known as concierge medicine1. The doctor can therefore limit the overall number of patients he or she sees, allowing them to devote more time and attention to each one. The structure, payment conditions, and mode of operation of actual practices differ greatly. Concierge medicine has been present since 1996, and it is believed that 5,000–6,000 physicians2 in the United States use this practice style.
Concierge medicine has grown in popularity as consumer demand has risen in recent years. Furthermore, the model has piqued the curiosity of the next generation of doctors. Approximately 2,000 patients are managed by traditional care physicians. The average number of patients seen by a concierge physician is 500–1,000. This, according to participating physicians, allows them to devote more time to preventative care. The annual retainer for many concierge offices includes an in-depth complete physical and testing. In most cases, the retainer also covers unlimited patient visits.
Retainer Fees and Reimbursement for Concierge Services
A Health Flexible Spending Account, also known as a Flexible Spending Arrangement (FSA), is a company-sponsored benefit program that allows employees and their qualifying family members to receive tax-free reimbursement for qualified medical expenses. Only expenses that have not been covered by insurance or other benefit schemes are eligible for FSA cash. A Health Savings Account (HSA) is a medical savings account similar to a 401(k) that allows employees to save for medical bills before taxes. Only tax-free HSA funds can be used to pay or reimburse eligible medical expenses that are not covered by insurance or other benefit schemes.
Concierge retainer fees are typically levied for convenience and access, thus they are not eligible for reimbursement from FSA or HSA accounts. Routine medical services may be covered by some concierge rates. Only the percentage of the charge connected with the medical care that is not otherwise covered by insurance is eligible for reimbursement from FSA or HSA accounts in this instance. To show that medical treatments were obtained, the patient should keep supporting papers. The concierge practice must detail the charge, indicating how much was spent on medical services and how much was spent on convenience, concierge access, and non-medical services.
Are You a Good Candidate for Concierge Medicine?
If you’re tired of waiting in lines at the doctor’s office, concierge treatment may be a viable choice. Some people may find the emphasis on increased preventive screenings offered by most concierge practices intriguing. Concierge medicine may not be beneficial to patients who already have a solid relationship with a trusted doctor.
Concierge medicine was often thought to be exclusive to the wealthy. Many concierge services charge a monthly fee of $125-$2203. However, as the cost of healthcare rises, the price difference between concierge medicine and regular health insurance is closing. Most people choose concierge medicine because they want more personalized care with an emphasis on prevention. When a health incident occurs, most customers say their concierge doctor provides them a speedier diagnosis and treatment.
Concierge doctors frequently cooperate with standard insurance companies and networks. Many continue to be associated with insurance networks, allowing them to refer patients to specialists who are also affiliated with the patient’s network. The annual retainer does not usually count toward a patient’s deductible or an insurance company’s annual out-of-pocket maximum. If the concierge physician is in-network, however, any copays or related health charges can be subtracted.
To discuss your medical needs for Concierge Medicine in Las Vegas NV with a female board certified internist call 702-850-22422 today.