Medical Expense Tax Deduction: Who Qualifies and What You Get
Learn if your healthcare spending qualifies for a tax credit and how to claim your medical expense deduction in South Korea.
This scheme allows you to reduce your tax burden if your annual medical spending exceeds a certain portion of your income.
Who it's for
You can qualify for this deduction if your total spending on medical bills for the year is more than 3% of your annual income.
What you get
You receive a 15% tax credit. This credit is calculated based on the amount you spent that exceeded the 3% income threshold.
What it costs you
There is no fee to apply, but you must manage your documentation. If your medical expenses are not automatically uploaded to the official tax portal, you must keep all your physical receipts to prove your spending.
The catch to know
This deduction does not cover everything. Specifically, any costs related to cosmetic procedures are excluded from the claim.
How to apply
- Review your total medical spending against your annual income.
- Check if your expenses are already recorded on the official tax portal.
- Collect any physical receipts for expenses that are not digitally recorded.
- Submit your documentation during the annual tax filing period.