Reply to I need about $20k to get us through a layoff-home equity loan?

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[quote=Anonymous][quote=Anonymous]How did medical bills eat up your savings? You don’t have health insurance? OOP maximums are usually under $20k. [/quote]

OOP maximums assume that you see in-network doctors. For mental health services, it is nigh impossible to find someone who accepts insurance. I did see a lovely doctor who took BCBS, but she passed away. Try to get in as a new patient in DC or metro-accessible burbs and you’ll find psychiatrists, psychologists and the like normally charge about $250 per hour. If I’m lucky, Blue Cross Blue Shield Federal reimburses us at the rate of $81 per visit, after deductible, yada yada. So for example, two visits per week for two family members = @ $250 * 2 = $500 * 52 = $26K out of pocket with perhaps 1/2 of the sessions (26 each) reimbursed at $81.12 = $2109.12 x 2 = $4218.24 reimbursement so about $21,750 out of pocket plus the costs of any additional therapies, medications, and the time and expense to visit the health practitioners. Now, you can deduct any about over 7.5% from tax. We usually do about $30k a year in unreimbursed medical. So if you assume income of $160k, you can deduct any unreimbursed medical expenses over $12k per year. So we end up being able to deduct $18k, which makes a difference but comes no where close to reimbursing us for our expenses. [/quote]

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