Many people may be surprised to learn that travel medical insurance is tax-deductible as a medical expense. This one simple tip could help many people fit their travel insurance expenses into their overall yearly budget. When you receive your travel insurance confirmation documents, don’t just save the wallet cards and throw the rest away! That confirmation document also acts as your income tax receipt.
The Government of Canada lists the following entry as a claimable medical expense: “Premiums paid to private health services plans including medical, dental, and hospitalization plans. They can be claimed as a medical expense, as long as 90% or more of the premiums paid under the plan are for eligible medical expenses.” Source
It’s important to note, while travel medical insurance is tax-deductible, trip cancellation or interruption insurance is not. If you have an all-inclusive policy, only the portion of the policy that covers medical coverage is deductible.
You should also be aware that the Canada Revenue Agency uses a percentage of your overall medical expenses, so your entire premium will not be refunded.
If you purchased your travel insurance from Medi-Quote Insurance Brokers, you can download your confirmation of insurance documents from our MyMediquote.ca client portal. Watch this video for an explanation on how to access those documents online.