Monday, February 14, 2011

Breast Pump Buyers Gain Tax Advantage in IRS Ruling

Good news for thousands of nursing mothers across the country!

From Bloomberg.com:

    Breast pumps and associated supplies will be considered medical equipment eligible for the same tax breaks as contact lens solution, bandages and prescription drugs, the Internal Revenue Service said.

    U.S. taxpayers will be able to seek reimbursement for the cost of pumps through pretax flexible spending arrangements and health savings accounts. As with other medical expenses, such costs can be deducted if total medical expenses exceed 7.5 percent of adjusted gross income.

    As a result of last year’s health care law, that threshold will increase to 10 percent in 2013.

    “Like obstetric care, they are for the purpose of affecting a structure or function of the body of the lactating woman,” the IRS said in an announcement released today.

    Breast-feeding advocates, including the American Academy of Pediatrics, had been encouraging the IRS to make this ruling.

    Manufacturers

    Manufacturers of breast pumps include Amsterdam-based Koninklijke Philips Electronics N.V., which makes the Avent brand. Energizer Holdings Inc. of St. Louis makes breast pumps under its Playtex brand.

Read more here