Can I Keep my Med-Flex Account if I enroll in Medicare (Part A only)
I’m 66 & I’ll be keeping my medical insurance at work until I enroll in Social Security at age 70.
You’ve advised enrolling in Medicare part A as secondary insurance.
My HR thinks: I won’t be able to keep my Med-Flex account & will be asking our service rep.
Med-Flex provides me with $1000 or so a year in Tax savings. What is the law on this??
Terry Says
I’m not quite sure how your Med-Flex account works, but if it is considered a Health Savings Account, then you can no longer contribute once you enroll in Medicare Part A (or A + B).
If your company does not require Part A as a primarily along with their insurance, then you can delay signing up — as long as you have comparable coverage.
That’s the general overview. Again, it depends on the kind of plan your company created.
Here’s something to read that gives all the specifics:
https://cmsnationaltrainingprogram.cms.gov/sites/default/files/shared/Course_8-FAQ_Medicare_Tax-Favored_Programs-11-16-2021.pdf
