Medicare Plan D

mxyplxNovember 28, 2005

Anybody look into this much?

For the last 8 years our total meds (for 2) have cost $4383 or an average of $548 per year. I looked at plans with an available range from $784/year to $456/year just for the insurance plus you pay some on the stuff besides. Some plans have deductable; some don't.

Our meds are costing less than 1% of our gross income. Doesn't look to me like this Plan D is necessary or desirable for everybody. Maybe the added deduction on Schedule A would tip the decision ie the added expense might significantly increase the deducts but I doubt it.

To check this I recalculated our 2004 Fed Tax with an added $784 medical expense. It made a $53 difference in our favor in the final result; definitely not worth the cost.

I found no place in any literature suggesting non-participation might be an option.

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I am answering this based on my limited knowledge of Medicare D and the assumption that you have no prescription drug coverage from any source.

The Medicare website offers a place where one can input the drugs they take, then Medicare calculates a comparison of the many drug plans that are available and compares benefits and costs.

You have considered your present prescriptions in your calculations. If you need additional or more expensive prescriptions in the future, Medicare D might become more attractive. It is my understanding that if you delay signing up for Medicare D, there is a 1% increase in premium for every month you delay beyond May (or it may be June) of 2006.

Here is a link that might be useful: Medicare Prescription Drug Plan Finder

    Bookmark   November 28, 2005 at 6:04PM
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