Just Checking .............. Twenty

[sman]

Why #5? The other ones I get (and use). At this point, unless its a Fortune 100 company, Im finding Med Supp, even when combined with a younger spouses COBRA costs, is usually a better plan when I "spreadsheet" it. Is that also what you find?

Also, are you writing your own newsletter?

No HSA contributions once on Medicare.

 

[WCMason]

Why #5? The other ones I get (and use). At this point, unless its a Fortune 100 company, Im finding Med Supp, even when combined with a younger spouses COBRA costs, is usually a better plan when I "spreadsheet" it. Is that also what you find? Also, are you writing your own newsletter?

As Scott noted they can't do any part of Medicare and contribute to their HSA, so if they have the HSA, want to stay with the EGHP and contribute to the HSA, they need to not take Part A. Not getting this right can subject them to a 6% excess contribution penalty for all money put in the HSA after they take Medicare. If they're getting a Social Security check they can't decline Part A, so they have to stop the HSA contributions. Also important to ask if the EGHP;s drug coverage meets Medicare minimum standards if they're inclined to keep it.

As for whether Medicare and the related products we sell is better than the EGHP when there is a younger spouse who would have to take COBRA, it's pretty split for me. I do write my own newsletter. Sent it postal for a long time, switched to email version using Constant Contact a few months ago. Much better.

 

[kgmom219]

No HSA contributions once on Medicare.

That I get (and that you can only pay Part B, Part C and Part D premiums. Supps aren't listed at the IRS for an eligible expense). You need to talk to clients about what to do with any leftover HSA contributions.

But if you are on a group plan (and leaving), you wouldn't still be on an HSA.

If you are on an Indy plan, it doesn't matter, you are going onto Medicare.

I ask AFTER the initial call, but I didn't get why you would talk about it at the beginning. Still don't, but it sounds like as long as I am doing it as part of due diligence at some point, I'm good.

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As Scott noted they can't do any part of Medicare and contribute to their HSA, so if they have the HSA, want to stay with the EGHP and contribute to the HSA, they need to not take Part A. Not getting this right can subject them to a 6% excess contribution penalty for all money put in the HSA after they take Medicare. If they're getting a Social Security check they can't decline Part A, so they have to stop the HSA contributions. Also important to ask if the EGHP;s drug coverage meets Medicare minimum standards if they're inclined to keep it.

And now I get why you are doing it at the initial call. They need to decline Part A if still contributing to the HSA. Thanks for the clarification.