medical expense
Definition
Noun An amount of money spent for the diagnosis, treatment, or prevention of medical problems or illnesses.
Usage
This term is used to refer to costs incurred for healthcare services, products, or procedures. It is a countable noun, often used in financial, insurance, and personal budgeting contexts.
Examples
- Keeping receipts for all medical expenses is important for tax purposes.
- The insurance policy covers 80% of eligible medical expenses after the deductible is met.
- Their out-of-pocket medical expense for the surgery was significant.
Advanced Usage
- Qualified Medical Expense: A specific tax term for expenses that can be paid for using pre-tax dollars from accounts like HSAs or FSAs, or that may be deductible.
- Prescription medications are typically considered a qualified medical expense.
- Unreimbursed Medical Expense: A cost you have paid for which you have not received repayment from an insurance company or other source.
- You can only deduct unreimbursed medical expenses that exceed 7.5% of your adjusted gross income.
Variants and Related Words
- Healthcare Cost: A broader term that can include medical expenses as well as insurance premiums and administrative costs.
- Out-of-Pocket Cost: The portion of a medical expense that the patient pays directly, not covered by insurance.
Synonyms
- Healthcare cost
- Medical cost
- Health expenditure
Related Phrases
- To incur a medical expense: To become liable or subject to a healthcare cost.
- The accident caused them to incur substantial medical expenses.
- To be liable for a medical expense: To be legally responsible for paying a healthcare cost.
- The patient is liable for any medical expense not covered by their plan.
Noun
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amount spent for diagnosis or treatment or prevention of medical problems
