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Flexible spending accounts

By Terry Savage on November 09, 2019 | Insurance & Annuities

flexible spending accounts (FSAs) good or bad idea? I’m 72 years old still working for non-forprofit org.

Terry Says

If you had a flexible spending account in the past, you could be using it now to pay premiums for your Medicare supplement. But at this point, there’s really no point because you also have to pay premiums for the company’s high deductible health insurance plan. I’m guessing those would be more expensive than simply paying Medicare premiums,and a supplement. If you’re covered by your company, that plan could be both your supplement and your drug coverage. Check with your HR department, or buy a quick session with Medicare expert Diane Omdahl at www.i65.com.
Also remember, the minute you leave employment you must sign up for a supplemental plan. Even if you’re not in good health, you have six months after you stop working to sign up for the best supplement available, and cannot be turned down for health reasons.

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