Monthly Standards for Out-of-Pocket Healthcare

[addision]

I went to the IRS site for allowable monthly standards for expenses that I can deduct. I want to get a good idea of how my income and expenses will paper out. On the National Standards page they show $60.00 per person for under 65. This is only $240.00 per month for a family of 4. What if your expenses are over that? I have one medication that is $50.00 per month alone. Our premiums by themselves are over that amount. Not including prescriptions and Dr. visits.

Would we just show our average expenses? Is this an area where they are not so strict? I can't believe there are many people over 35 that can keep their medical costs that low especially if they have a family.

In addition how do you budget for having a high deductible over and above the monthly cost of premiums, say $2500.00, before the insurance kicks in for major medical.

[AngelinaCat]

Is health insurance one of your benefits through you or your spouse's employer? This amount sounds like a group policy through an employer is presumed to be part of the formula.

[addision]

My wife is a graduate student and I added on to her policy for the short term. A couple years ago I was paying an individual premium and it was $200.00 per month for me alone, that's how I can't understand how this amount is so low.

Which brings me to ask an additional question. If you have an employer sponsored plan, do you use the amounts from you payroll deduction?

[karm43]

The problem is if he has to pay the deductable for instance if you were to end up in the hospital or a procedure. They would not let us count the deductable, but if you could prove you pay more then 60 for each person a month they would probaly let you deduct it. So if your meds visits were say over 240 a month.

[AngelinaCat]

Don't forget the co-pays that you have to make to your health care provider... I have to pay an average of $20.00 per visit. I am self-insured with BC&BS. 'Hub has Medicare, but Humana for the Part B. He doesn't have to make a co-pay each visit, but usually the provider will send a quarterly statement after all the insurance wrangling is done. If there are any co-pays to be made, then they show up.

[Pandora]

We got to claim actual costs for monthly out of pocket, which was above the standard. Only thing we had to do was provide receipts showing our costs; trustee didnt even blink.

[ValleYum]

I have had 5 surgeries in 6 years; I have had cancer and I am to have 2 MRI every years as follow up. There is no way between medication and deductibles can I be a 60.00 per month. What happens in this case?

You can claim a monthly average of expenses that you have documentation for. We did this in our BK filing and the Trustee never said a word. Per our attorney's advice, I averaged my monthly cost for the next 5 years worth of expected expenses based on my past expenditures (he said this was because 5 years is the length for a hypothetical Chapter 13 for an over median income filing which we were - if you are under median income I suppose you would base it on 3 years).

[addision]

Thank you all! I was sure this would gbe the case, that you averaged your actual expenses. My son has has two surgeries in the past four years and I just can't believe the standard amount for this is so low.