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Congress Proposes Tax-Free Way for Seniors to Pay for Health Care Costs

With age comes illness, and with illness come medical bills. Rarely do insurance plans cover all the costs of your health care treatment, so finding ways to pay the balances can be tricky. To help seniors with those added costs, Congress has proposed a tax-free way to pay for those medical bills.

The new Congressional proposal allows seniors to set up a special savings account - what is being referred to as a Medical Savings Account (MSA). They would be able to save any amount up to a certain limit - potentially $2,500 - and use those taxes to pay off current or future medical bills.

Individuals would be able to make contributions to these special accounts at any time, allowing them to contribute to their loved ones’ accounts as well. The money deposited in the Medical Savings Account is tax-free - meaning that no federal taxes have to be paid on it.

In addition, there are more benefits to having a Medical Savings Account. These accounts would provide seniors with more financial flexibility and control over when and how they could use the money to pay for health care costs. The money would also remain in their accounts for as long as they needed it. And, as a bonus, any money left over in the account after being used for medical costs could be passed down to another family member or friend.

Customer Service - Atlantic Coast Insurance Agency - Claims & Payments

If you need help with medical payments or filing an insurance claim, Atlantic Coast Insurance Agency is here to answer all your questions. Their team of professionals will help make sure that you understand your insurance coverage and provide guidance when filing claims or paying medical bills.

Atlantic Coast Insurance Agency works closely with clients to ensure that all their information is up-to-date and that their policies remain consistent. They also offer advice about any changes to the insurance landscape, a clear explanation of the terms under which the policy is written, and the ability to review and assess coverage options.

The team at Atlantic Coast Insurance Agency takes pride in keeping up-to-date with the changing laws and regulations so that they are best positioned to ensure their customers are receiving the most accurate and beneficial coverage options. They understand that insurance claims can be stressful and confusing, so they provide transparent and professional support every step of the way.

Atlantic Coast Insurance Agency is available 24 hours a day, 7 days a week, to provide answers to any questions or concerns. You can visit their website or call them directly if you need assistance or advice about filing or making medical payments or insurance claims.

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