GLP-1 Weight Loss Drug Tax Deduction Calculator

Yes — GLP-1 medications prescribed for a medical condition (obesity, type 2 diabetes) are deductible as medical expenses. The IRS allows deduction of medical expenses exceeding 7.5% of AGI. At $1,200/month ($14,400/year), taxpayers with $200K AGI can deduct $14,400 - $15,000 threshold = $0 deductible. At $150K AGI: $14,400 - $11,250 = $3,150 deductible. At 37% tax rate, that saves $1,165. HSA/FSA: if prescribed for diabetes or qualifying condition, GLP-1s are FSA/HSA eligible — immediate 22-37% tax savings on $14,400 = $3,168-$5,328 savings annually.

FDA-approved GLP-1 medications that qualify: Ozempic (semaglutide for T2D, $936/month); Wegovy (semaglutide for obesity/weight management, $1,349/month); Mounjaro (tirzepatide for T2D, $1,069/month); Zepbound (tirzepatide for obesity, $1,060/month); Rybelsus (oral semaglutide, $936/month); Saxenda (liraglutide, $1,500/month); Victoza (liraglutide for T2D, $900/month). Key requirement: must be prescribed by a physician for a qualifying medical condition. Off-label use for cosmetic weight loss alone may not qualify. Compounded semaglutide from compounding pharmacies ($200-$400/month) also qualifies if prescribed.

Family offices (single or multi) make sense at $50M+ in investable assets. Below that, private banking (JP Morgan Private Bank, Goldman Sachs PWM, UBS) offers similar services with lower minimums ($5-25M). Family offices provide consolidated reporting, direct deal access, and custom investment mandates unavailable at private banks. Multi-family offices (Bessemer Trust, Glenmede) offer a middle ground at $10M+ with family-office-level service at lower cost.

Most wealth advisors recommend 3-5% of liquid net worth in cash/cash equivalents for UHNW individuals — enough to cover 12-24 months of lifestyle expenses plus opportunistic investments. Excess cash above this benchmark costs 5-8% annually in opportunity cost vs. diversified portfolios. Treasury bills, money market funds, and short-duration bonds provide liquidity with yield while maintaining capital preservation objectives.