I know it seems ridiculous to worry about saving money for health care bills that are not paid for by insurance either through a flex account or a health savings account with Mills solving all of our problems with expanded Medicare Medicaid.
When you reach 65 and apply for Medicare if you drop your current insurance you can no longer contribute to a HSA Or FLEX account. IMHO the HSA is the better option because you can roll it and it is portable.
After you actually retire you can not contribute to either , because they must be part of an employer sponsor insurance plan.
Those are the facts as I understand them, but I do have a question.
Why should a person who is retired and collecting SS and or distributions from a pension or 401K plan and possibly be working some , be denied the ability to reduce their tax liability and off set their health care costs? Why shouldn't they be able to put tax free money into a HSA and use that ,money to pay for their gap insurance?
This seems like something that is simple and would help many people offset both taxes and health care costs.
Am I missing something or should the government just be allowed to squeeze you until the very end?