Are there any medical expense accounts available for pre-medicare retirees
I retired at 53 after 31 years from a local government. I have a pension, health insurance and a tax deferred 457 plan.
One thing I'm finding that I miss is a flex account. Not only could I pay anticipated medical expenses pre-tax, I could also sort of give myself an interest free loan for a planned expensive out of pocket medical expense for the upcoming year. I could change my contribution to cover the procedure and have it done at the beginning of the year before I actually contributed the full amount.
I guess that is not available to retirees. I'm wondering if there are other things available to do sort of the same thing. I have heard about HSAs and HRAs, but, I don't know much about them. I know that HSAs are for people with high deductible insurance. I don't have to pay the first $3,000 out of pocket, but, the benefits aren't what they used to be and outpatient procedures that used to be covered in full now are only partially covered.
I'm wondering if there is any sort of thing where I could transfer some tax-deferred money from my 457 plan to seed some sort of pre-tax health savings account and then contribute money to it monthly somehow?
I think this is sort of what medigap insurance does for people old enough to receive medicare.