You might want to call the insurance company, and see if they have a plug-in number for this. Treatment costs vary wildly; with GT-3, I imagine it will be in excess of $USD 30,000-40,000. We have had accountants that treated in here with GT-1 who tracked their cost at over $USD 85,000 though. Are you scheduled for 35, 48 or 72 weeks? Will you require procedures like biopsy, U/S scans, etc? some patients will treat unsuccessfully, and require additional therapy in the future too.
You might also want to get a second opinion on tax implications due to insurance coverage for treatment medicine. Typically, the benefits are not considered income even though the portion that you pay (co-pay) may be deductible.
We have at least one tax whiz (Frijole) who may be able to clarify more. When it comes to medical and tax advice multiple opinons can be a good idea. You know, 'death and taxes' and all that.
I'm about to do my taxes and have saved all my insurance statements and drug receipts. I don't see how all of my co-pays and out-of-pocket on meds can be enough to make a dent in the allowable amount. What exactly do you think she's going to try to do? Very curious. Thanks.
My treatment cost approximately 200k with all of the extra add on drugs and tests that I needed to complete it. So you can see there is a huge variable on the amount depending on how you respond and what your sides are and things like that.
I started looking at how copays and things could effect my taxes at one point but in reality taking the regular old way out and not itemizing to me gave me more money back. Of course I'm not in the top 2% or anything like that......hardly ;) although I live in one of the most expensive places in the world and consider myself broke - when applying for any help for college for my kids was told my income was too high. Go figure can't even afford hamburger to go with the helper.
So when it comes to taxes I'm not much help - I just do the standard stuff. Sorry.
Newleaf didn't you do a paid trial? do you have to put all that on your taxes as wel? Even if it wasn't much it probably wipes out any benefit in the end (just knowing how things seem to work in the world).
Right why didn't they tell us about that - I might have held out had I known! Shorter treatment, better cure rates and some dollars! Could have taken myself to McDonalds once a week perhaps cause man I deserved a break some days right!!!!!!!! ;)
GSDgirl.....Do you mean that people get the meds, tests and what not free PLUS get paid?????
Well the trial i was in did. Not from the drug company but from the hospital.
NYgirl, thanks for thinking of that, i bet i have to claim it as misc. income on my taxes. Will ask Kathy about it, like shes not busy enough. Girl i will take you to micky dees any time you want and be your "helper" with the hamburger:)
My trial was not paid but of course they provided the basic meds. Some trials do pay. There were still copays for me from all the extra junk, like seeing eye doctors, shrinks, etc. related to TX, plus co-pays on the big $ meds like neulasta. Then all the other helper drugs, the AD's, cough syrups, anesthetic mouth washes, sleep aids (Ambien is $50 for only 30 pills), on and on.
Insurance is not compensation or income but I recall that there is a place on itemized taxes where (and I forget all this stuff year to year then become a tax expert for about a month) you can add all of your medical expenses, donations and some other weird things together and then if a certain percentage is over a certain amount you can deduct it. We always itemize because of mortgage expense and stuff like that. I'm interested in any angle available because I'll (knock wood) never have another medical expense year like this one again.
Accoring to Walgreens report I received, my total costs for meds alone in 2006 when I did 10 months of TX, which did not work, would have been $96,000.
This of course included not only the standard TX meds, but a large amount of Procrit and other rescue meds too.
This also did not include the weekly, or sometimes twice a week, lab tests, doctor visits, nor specilaty monitoring clinic, etc. charges. All of which I would not even venture a guess at how much they cost.
geno3a -- I had read this thread the other day and thought it was pretty odd that your tax preparer was asking what the treatment cost to the insurance company rather than what you were going to have to pay. Your deduction for tax purposes is your out of pocket costs (what you write the check for) regardless of what the actual treatment costs. And each insurance plan pays differently so it is absolutely impossible to tell you what your costs will be. To make it more complicated, your medical deduction is only that in excess of 7.5% of adjusted gross income (AGI). So if your AGI is $50,000 you can only deduct what you pay over $3,750. .... If you are eligle for a medical deduction, don't forget all those trips to the doctors office and the labs. You can take $ 0.24 per mile as a medical deduction. It drops to $0.165 in 2010, though.
FLGuy --I looked and could not find my summary of cost for my 56 weeks of treatment but I believe the total costs were about $66,000. My costs - deductibles, copays, etc was about $8,000 and that included the deductible on my biopsy.
CanDo - interesting question. I think if the payment made to you was for travel expense I would tend to ignore it. However, if they wer paying you to participate in the trial, I think it is includable in your gross income and probably gets reported on Line 21 - Other Income.
Hey newleaf -- Since 2009 is your big year for deductions, they did pass a law that if you make donations for Haiti relief this year (not sure but maybe by the end of February) you can take the deduction on your last year's return. But don't forget that mileage deduction. In my experience, people always forget their eyeglasses and dentist bills and, of course, the cost of the insurance premium which can be substantial. Hope you can get that medical deduction.
I called Caremark and got pricing on the Interferon and Ribavirin a while back and They told me that one ml of pegasys was $600.00 plus the 200mcg of copegas was $6.00 per pill. So with that in mind 1 shot per week and 1200mcg of ribavirin it costs about $852.00 per week time 48 weeks comes to $40896.00 just for the meds.
GSDgirl - I'm on a clinical trial right now and they pay me $25.00 per visit and the Tests, Pegasys, Copegas and PI is free. Anything required outside of the trial I have to pay for like rescues and stuff.
I did have to fill out a tax form so I guess I'll get a 1099 at the end of the year.
frijole: THANK YOU. I am about to start all that and your suggestions for additionals are very, very useful. Tax time is so weird; you are hoping for losses. Ain't right.
Geno3a: When I started a trial in 2008, I looked up just the meds themselves (peg & riba) to buy over internet and came up with a total around $30,000. Look up the AASLD 2009 treatment guidelines for HCV and they will give you a minimum idea for how many doctor and lab visits and which bloodwork tests are involved and how frequently. The PCR's are especially expensive since they use specialized equipment. Have not yet added up my secondary costs (co-pays, drugs) but will send to you later.
geno - you are in a predicament to be sure. Is your tax preparer trying to redo the offer in compromise to give a little more take home? If that $60 is all you have for your meds, you will probably be short.
The ribavirn has a generic so you can get the lower copay on that pill. How much depends upon your plan. The Pegasys or PegIntron A - the interferon - I don't think have generics so you will pay a higher copay on those. Then there are the helper drugs which you may or may not need -- and you will have to pay the copays on those too if you need them. Plus, if your hemoglobin and neutrophils drop pretty fast, you will need perhaps weekly CBCs (blood draws) and these may all be subject to the copays.
So even with great insurance you will be out a good bit of money.
Bil1954 -- good to see you. Hope you are well and have stayed out of the California flooding.
Now all of these drug companies have compassionate programs and you might qualify for free or reduced cost medicines. I am sure someone can post the info if you need it. My info may be outdated, but let me know and I willl post it.
I added up outside costs (and remember, my meds, procrit, labs and doctor's visits were free due to trial) for 6 mos. of TX with good insurance was just under $1000 for meds and about $500 for doctor visit copays. Not enough to do anything with on my taxes but may be useful info for you.
Hi ya kit kat, well they send me a 1099-form so it looks like uncle sam will also benefit from my trial too. Its just a shame they couldn't have shared some of the sx's that went along with the tx. also....... Oh well, hope all is well and keep counting those beens girl.
Yea, about that travel....... I tell you - if I can't get hubby off high center this year I will be vacationing alone. We did make a trip down to the valley (tip of Texas) a couple of weeks ago to birdwatch and it was even rainy down there. Us desert rats had to go buy rain gear.
Your insurance company can provide you with an EOB statement, which is an 'Explanation of Benefits" This is an itemized statement that tells you exactly what your insurance has paid for, when and why.
Also, the cost of Interferon injections depends on which medication you used, (I.e. Pegasys, Peg-Intron, Ribavirin, Ribaspere, etc.) and also what type of injection was made (Vials, redipen, or prefilled syringes.) It also varies dependant on whether your insurance company requires you to use a specialty pharmacy, as most due. All of these things should be explained on the EOB. Good Luck!
I love you girl and am so glad to see you posting again! You are the best you little rockstar sitting here helping everyone once again. Boy I remember tax time during treatment and how hard you had to work to get everything done - let alone treatment!
It's hard to believe it's almost that time yet again!
Hey Deb - I guess I don't post much at all. -- Here it is two weeks after you posted and I just now saw this thread. I read but don't post and often don't even get on line to read. It amazes me your duration. I am glad you have stuck with it here to help so many. Every so often someone gives me a heads up -- like candoman emailed to tell me cuteus had posted. I would have totally missed it if he had not. I am grateful for the contacts and friends here but sorry I don't stay in touch. HOpe your little HepC buddy is doing well (the stuffed one, that is). Mine stares me in the face everymorning.
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