It is not surprising that 60% of all bankruptcies are related to medical expenses . Discover some of the top expenses that U.S. hospitals face. Hospital Billed Charges. Note: This list is not meant to be all-inclusive, as other expenses not specifically mentioned may also qualify. Supply Costs on The Rise. Also, expenses marked with an asterisk (*) are “potentially eligible expenses” that require a Letter of Medical Necessity from your health care provider to qualify for reimbursement. This is the internet's first and only complete list of both HSA-eligible and ineligible expenses. Expenses like medical supplies, eyeglasses, and hospital services can be deductible. Here’s a partial list of deductible expenses: Equipment and supplies – You may deduct any expenses relating to back supports, crutches, and wheelchairs, to name a few items. The hospital… Hospitals in the United States spend more than $200 billion in administrative costs, according to a September 2014 report issued by The Commonwealth Fund. Think of a hospital as a hotel. However, when looking at the average cost per hospital stay, heart valve disorders topped the list at $41,878. Hospital Cost = Hospital Expenses for Providing Care Let’s look at each of these. Medical expenses include dental expenses, and in this publication the term "medical expenses" is often used to refer to medical and dental expenses. You can deduct on Schedule A (Form 1040) only the part of your medical and dental expenses that is more than 7.5% of your adjusted gross income (AGI). A hotel has a price list and charges you for the room, internet service, food and beverages. Patient Price Information List In compliance with state law, Cleveland Clinic is providing this price list containing our charges for room and board, emergency department, operating room, delivery, physical therapy and other procedures. It is called a “Chargemaster” or Charge Description Master (CDM). This page includes data that compares the cost of providing care versus what Medicare, Medicaid, and private insurance plans pay hospitals. For additional information, Additional data points provide insight into the age of hospital infrastructure, cost of borrowing money and changes in labor costs. Image via Flickr by 401(K) 2013 Those are alarming figures, especially for families with limited budgets or no insurance. There’s no doubt that coronavirus has got us all thinking more about our health and the things we need to take care of it. The list of qualifying medical expenses just got bigger. Complete list of eligible HSA expenses for 2021. Hospital costs averaged $3,949 per day and each hospital stay cost an average of $15,734. To help you prepare your tax return, we've compiled the following A hospital has a price list as well. Bookmark this page so you can always spend your HSA funds in the smartest way possible. And some expenses must meet certain requirements to be deductible. With the CARES Act in place, items that were once considered non-qualifying medical expenses are now eligible expenses. But what areas of hospital administration are driving this high cost?