U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
View Poll Results: Retirees: Ever had an itemized deduction for medical?
Yes, in at least one tax year so far, I had enough medcial costs to itemize. 24 55.81%
No, not yet. 19 44.19%
Voters: 43. You may not vote on this poll

 
 
Old 03-01-2015, 10:15 AM
 
Location: Maryland
282 posts, read 306,422 times
Reputation: 338

Advertisements

Quote:
Originally Posted by ocdokie View Post
Yep, like some others who've replied, we're not yet eligible for Medicare and pay $12K annually for health insurance premiums. In 2014, DH also had gum surgery to the tune of $8500. So far in 2015, we've already reached our out-of-pocket maximum. Oy!
Has the ACA reduced your insurance costs? ie the sum of the premiums and out of pocket expenses?
It appears to me that many of those plans have large out of pocket expenses.
Quick reply to this message

 
Old 03-01-2015, 10:38 AM
Status: "0-0-2 Game On!" (set 9 days ago)
 
Location: The beautiful Rogue Valley, Oregon
7,320 posts, read 15,374,603 times
Reputation: 9511
Quote:
Originally Posted by CSRSJim View Post
Has the ACA reduced your insurance costs? ie the sum of the premiums and out of pocket expenses?
It appears to me that many of those plans have large out of pocket expenses.
Yes, my monthly policy is cheaper under the ACA and it covers far more. My old insurance had a $7,500 deductible and a $15,000 out of pocket max, the new one is $3,000 deduct, $5,000 out of pocket.

So, old policy:
$16,200 (premiums) + $7,500 deduct = $23,700 + 40% of the cost between $7,500 and $15,000.

New policy:
$10,920 (premiums) + $3,000 = $13,920 + 20% of the cost between $3,000 and $5,000.

The new policy has a broader coverage in what is covered and it has "out of network" coverage (at a lower rate), which the other policy did not. There are 3 surgeons in the US that do the specialty eye surgery I needed, and one of them was covered as in-network, which saved me thousands, even though some of the other associated personnel were out-of-network. The old policy did not cover ANY prescription meds, the new policy has the standard 3-tier coverage.
Quick reply to this message
 
Old 03-01-2015, 11:52 AM
 
Location: God's Country
5,188 posts, read 3,516,406 times
Reputation: 8689
Over $60,000 in 2013 and $55,000 in 2014 primarily because of home care for my wife who has dementia. Prior to 2013, we took std. deduction for many, many years going back. Looks like 2015 will be a repeat of the past two years.
Quick reply to this message
 
Old 03-01-2015, 12:16 PM
 
Location: Columbia SC
9,011 posts, read 7,770,007 times
Reputation: 12247
We are fortunate. What with Medicare and a supplemental paid primarily by the state gov. my wife retired from, we have never paid enough to make the minimum and last years my wife's medical bills were in the $150K range.
Quick reply to this message
 
Old 03-01-2015, 04:31 PM
 
12,709 posts, read 9,992,785 times
Reputation: 9521
My parents both retired recently, nothing major yet (knock on wood!)
Quick reply to this message
 
Old 03-01-2015, 04:56 PM
 
Location: SW MO
23,605 posts, read 31,519,632 times
Reputation: 29081
Quote:
Originally Posted by PhxBarb View Post
It's no secret I have many specialists and spend too much time in their offices.
Those crushes can get expensive, can't they?
Quick reply to this message
 
Old 03-01-2015, 05:09 PM
 
Location: Wisconsin
21,546 posts, read 44,077,984 times
Reputation: 15160
Have always filed Schedule A. But, never could deduct medical until retirement. Now, I do - because Part B and Medigap premiums far exceed annually anything I ever paid while working. Today, I may spend $700/yr. for actual medical/dental expenses. Insurance, otoh, is $2,150. Total $2,850. When I worked, maybe I spent $900/year between premiums and doctors. So, medical costs are over $2k higher in retirement before I even see a practitioner.

Last edited by Ariadne22; 03-01-2015 at 06:06 PM..
Quick reply to this message
 
Old 03-01-2015, 05:20 PM
 
Location: Florida
2,291 posts, read 4,952,136 times
Reputation: 5236
Dental...easy to do, if, you want to keep your teeth.
Quick reply to this message
 
Old 03-01-2015, 07:35 PM
 
14,267 posts, read 24,025,211 times
Reputation: 20101
I will in 2015. Little income and about $14k in insurance premiums and out of pockets.
Quick reply to this message
 
Old 03-01-2015, 08:15 PM
 
Location: SW MO
23,605 posts, read 31,519,632 times
Reputation: 29081
Default Seniors, ever had enough medical/dental costs to get an itemized deduction?

Not since I was raising all five children and that was 1988.

But last year my wife and I received our first federal income tax refund since we married in 1996. Of course, it took me getting old to qualify.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top