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Did you know… that travel medical insurance is tax deductible?

Étiquettes :

You already know that a travel insurance premium can vary from a few dollars to thousands of dollars. But many travelers ignore that they can claim their travel medical insurance premium as a medical expense.

Couple doing paperwork with their laptop.

Yes, travel medical insurance is tax deductible

The premium paid for your travel medical insurance policy can be claimed for a medical expense tax credit. Premiums paid for “non-medical” travel insurance policies, though, cannot be claimed. By “non-medical”, we refer to Trip Cancellation or Trip Interruption Insurance, or Baggage Insurance. 

Get your documents on your Tour+Med client portal

To claim a tax credit for your premium, you must have the proper document. At Tour+Med, we stopped providing receipts a while ago because it was an extra page in your already-loaded document, but mostly because all the necessary information is presented on page 1 of your Travel Insurance Confirmation. You will see a note to that effect below the Medical Premium Calculation chart.

Page 1 of your Travel Insurance Confirmation acts as a tax receipt.

What if you modified your policy after purchase?

By experience, we know a travel insurance policy can be modified a few times, because your dates have changed or following a change in your medication, for example. Therefore, the premium you actually paid could differ from the one shown on your Travel Insurance Confirmation. If that’s your case, we suggest you use the Client Portal to retrieve updated tax receipts, showing the premium you officially paid once all modifications have been considered.

To get your receipt:

  1. Connect to your client portal.
  2. On the Home page, click on RECEIPTS.
  3. Select the applicable policy number to view the receipt. You can save it on your computer or print it.
RECEIPTS button from the Home page of the client portal.

Here is another way to get your receipt:

  1. Click on MY POLICY.
  2. Click on View my confirmation.
  3. Select the applicable medical policy from the drop-down menu.
  4. Click on Tax receipt at the bottom of your screen, beneath Downloadable Resources.
MY POLICY icon on the Home page of the client portal.
Button View my confirmation in section MY POLICY.
Link at the bottom of the page.

For more information, do not hesitate to contact your broker or a member of our Customer Service team.