Medicare Plan D
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.