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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.
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.
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.
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.
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..
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.
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Seniors, ever had enough medical/dental costs to get an itemized deduction?
