Putting retirement plans on hold? What that means for your Medicare

Advisors


“If you need to have $5,000 in expenses before the insurance kicks in at work, depending on the nature of the costs, Part A or B could be secondary coverage and help you pay for those deductible expenses,” said Philip Moeller, author of “Get What’s Yours for Medicare.”

High-deductible plans come with health savings accounts, which you may not contribute to once you’ve enrolled in Medicare. Still, you may use your balance to help pay for qualified medical expenses.

You might also do some research and price out the cost and coverage of either original Medicare, plus Part D prescription coverage, or Medicare Advantage.

Medicare Advantage covers Parts A and B, which include hospital and medical insurance, plus other benefits.

Find out how those options compare to remaining in a high-deductible plan at work, especially if you can’t participate in the health savings account.

“See what makes the most sense for you,” Moeller said.



Source link

Products You May Like

Articles You May Like

Here are ways to reduce your student debt, using other people’s money
Average tax refund is down 8.7 percent from year ago
Here’s why an HSA is the ideal wealth-building tool for millennials
Scams cheat older Americans out of almost $3 billion a year.
US won’t give Saudi Arabia key to nuclear weapon building

Leave a Reply

Your email address will not be published. Required fields are marked *