Medicare Flex Fund Accounts and Flexible Benefits Act of 2024

This bill would create tax-advantaged "Medicare Flex Fund Accounts" for Medicare beneficiaries enrolled in Medicare Advantage plans. These accounts would allow beneficiaries to save for qualified medical expenses (excluding Medigap premiums) through mandatory annual deposits from Medicare Advantage plans ($400 minimum for first 3 years), rebates, and transfers from Health Savings Accounts or IRAs. The accounts would be established by Medicare Advantage plans and would require new reporting requirements for the IRS, with provisions taking effect for plan years beginning January 1, 2026.