Program offering refund for those in Part D coverage gap; Covering; The Bases
I have the
SPDAP is offering a refund (up to
First, you must have been enrolled in SPDAP for 2018. Secondly, you must have entered the Medicare Part D coverage gap in 2018. Thirdly, you were not receiving assistance under the federal Part D Extra Help program for the entire calendar year of 2018.
To apply for the SPDAP coverage gap reimbursement, you will need your
You will send the Part D summary statement to SPDAP,
If you have any questions, you will want to call SPDAP at 1-800-551-5995.
I am working and my employer offers a health savings account coupled with a high-deductible health plan. I am turning 65 next month. I spoke with my employer and, since they are a large employer, I can remain on my employer's insurance.
However, they warned me against enrolling into Medicare Part A or Part B since there are tax implications. Could you explain?
You describe a very precise situation: A person turning 65 who is actively employed and the employer offers a health savings account coupled with a high-deductible health plan. HSAs allow tax-free contributions and tax-free distributions for qualified health expenses. Under such circumstances, if a person enrolls into either Medicare Part A or Part B, they are no longer eligible to contribute, tax-free, into their HSA.
If you plan on continuing to work and contribute to your employer's HSA, you would want to consider delaying your enrollment into Medicare parts A and
Please keep in mind your timing for collecting your
Once drawing a
This discussion is very intricate. You are best advised to continue to discuss this matter with your human resource office, your tax adviser and
Credit:
45 people homeless after Highland fire, several pets killed
Financial Services Committee – WEEKLY ROUNDUP
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News