Post Retirement Medical Expense Plan

Post Retirement Medical Expense Reimbursement Account

1. Tax Deductible
2. Tax Deferred Growth
3. Tax Free Distributions

Post Retirement Medical Expense Reimbursement Account Benefit is the most overlooked benefit in the industry. One of the largest expenses a retiree faces is their health care costs in retirement.

Health Care Costs For Average American Couple Retiring Today

The average lifetime retirement health care premium costs for a 65-year-old healthy couple retiring this year and covered by Medicare Parts B, D, and a supplemental insurance policy will be $266,589. If we were to include the couple’s total health care (dental, vision, co-pays, and all out-of-pockets), their costs would rise to $394,954. For a 55-year-old couple retiring in 10 years, total lifetime health care costs would be $463,849.

IRC Code Section 401(h) Medical Expense Account can currently accumulate up to $594,000 that can be distributed tax free for post retirement medical benefits. Employers can create an account and take a 100% deduction, grow the funds tax deferred, and then distribute the funds tax free for post retirement medical benefits.

Example of Medical Expense Reimbursement Benefits
Acupuncture	Hospitalization Insurance
ADD Counseling and Assistance	Hospital Bills
Air Lift Transportation	Insulin
Alcoholism	Laboratory Fees
Alternative Healthcare	Laetrile by Prescription
Alternative Medicines	Lasik Eye Surgery
Ambulance	Hire Lead Base Paid Removal-Children
Artificial Limbs	with Lead Poisoning
Artificial Teeth	Retirement Home for Medical Care
Assisted Living Facilities	Long Term Care, Nursing Homes
Asthma and Allergy Treatment	Medical Information Plan
Birth Control Pills	Medicines
Braces	Membership Fees for Medical Services,
Braille-Books and Magazines	Hospitalization, Clinical Care, Health
Chiropractors	Maintenance, Health club memberships
Christian Science Practioners’ Fees	Nurses Fees, Nurses Room and Board
Contact Lenses Including Exam Fee	S.S. Tax (Where Paid by Taxpayer)
Co-Pays	Obstetrical Expenses
Cosmetic Surgery (Even Though	Operations (100% of All Costs)
not by a Physician)	Orthopedic Shoes
Cost for Care Outside the United States	Oxygen
Cost of Operations & Related Treatments	Personal Trainers
Counseling	Physical Therapy
Crutches	Physician Fees
Deductibles	Premiums for LTC
Dental Cosmetic Surgery	Preventive Care including but not limited to
Dental Fees	Spa Facilities, Usage Fees for Facilities
Dentures	Prosthetics
Dependent Care	Psychiatric Care
Dermatologist Care	Psychologist Fees
Diagnostic Fees	“Seeing-eye” Dog and its Upkeep
Drugs	Specialists and Specialized Treatments
Electrolysis	Specially Equipped Cars
Experimental Care	Special Care Costs for Disabled Dependents
Eyeglasses, Including Examination Fee,	Special Diets
Laser Surgery for Vision Correction	Sterilization Fees
Fees of Practical Nurse	Support Groups
Fees for Healing Services	Surgical Fees
Fees of Chiropractors	Therapy Treatments
Fees for Fitness Programs and Facilities	Transport Expenses for Medical Services
Fees of Licensed Osteopaths	>including Preventative Care
Flu Shots	Tuition at Special School for Handicapped
Hair Transplants	Viagra
Health Insurance Premiums	Vitamins
Hearing Devices and Batteries	Wheelchair
Hospice	Weight Loss Programs
In Home Care	X-rays

 

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