We’ve written about HCSMs in this space before.
While details are scant, the EO appears to encourage Treasury to expand the eligible expenses to include consumers’ payments to HCSMs and DPCAs.
Taxpayers can also deduct the cost of transportation to and from medical care and health insurance premiums. Preventive services, physician and hospital services, mental health care, long-term care, prescription drugs, and eye and vision care can all count as qualified medical expenses. The IRS allows taxpayers to deduct qualified, unreimbursed medical expenses that exceed 10 percent of their adjusted gross income. Specifically, the EO calls on the Department of Treasury to propose rules that would allow taxpayers to deduct qualified medical expenses related to “certain types of arrangements,” such as “direct primary care arrangements and healthcare sharing ministries” from their reportable income for tax purposes. However, buried within the EO was a provision that would increase the incentives for consumers to sign up for Health Care Sharing Ministries (HCSMs) or Direct Primary Care Arrangements (DPCAs) as substitutes for traditional health insurance. The President released an Executive Order (EO) on Jand headlines were understandably focused on its call to improve the transparency of the cost of health care services.
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