How Medicare Works With Social Security and Health Savings Accounts (HSA)

The last episode of a 4-Part Medicare series is all about strange scenarios with Medicare and Health Savings Accounts as well as Social Security. Medicare and Health Savings Accounts - commonly referred to as HSA - do not play nice together. Also, if you are taking Social Security benefits before age 65, be ready to automatically be signed up for both Medicare Part A and Part B.
Episode 1 - Original Medicare
• Original Medicare: Wha...
Episode 2 - Filling in the Gaps
• Filling in The Gaps of...
Episode 3 - Prescription Drug Coverage
• Here's How Medicare Co...
Episode 4 - HSAs and Social Security Benefits (You are here)
• How Medicare Works Wit...
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This video is NOT sponsored.
The Retirement Nerds is the no-cost educational platform and serves to offer information around Medicare, Social Security, Financial Planning, and Estate Planning.
⏰ TIME CODES ⏰
0:00 Health Savings Account
2:26 Social Security Auto Sign Up
2:58 Most Important Part
4:13 Next Steps
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#medicare #retirement #retirementplanning #90daysfromretirement
Federal Disclaimer:
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.

[@terridrimel1056]

This series was VERY helpful! Thank you!

[@Theretirementnerds]

Thank you so much for watching!!

[@harveyh3696]

JUST hours ago, I spoke to someone about this channel. What a perfect introduction this "101" series is into the great advice is provided in this channel. I hope he and his wife follow up on what I advised.

[@Theretirementnerds]

This means the world to us. Thank you so much Harvey! Appreciate you watching and your support!

[@eduardooramaeddie4006]

Thank you for the Medicare information

[@JagLite]

Great information! I really appreciate the short videos more than the longer ones because my brain doesn't remember much and it seems like I only retain what was said last. Thanks for being there for us, we need all the help we can get!

[@Theretirementnerds]

So glad it was helpful! We'll try to keep coming out with mini-series options :)

[@leonardpereira7031]

Thank you! I like your videos, they are the best educational ones, my reference sheet, if you will

[@Theretirementnerds]

Appreciate you saying this, Leonard! So glad these are helpful!

[@teams3345]

Medicare and HSA contributions. I turn 65 next year with a Company provided HD Health Plan. I understand there is a six month look back plan for HSAs. Does that mean if my birthday (65) in November, I can only contribute (prorated) through April of next year? Thanks much. Jeff

[@Theretirementnerds]

Hi Jeff! The 6 month look back does not extend BEFORE your 65th birthday. It is 6 months back or your 65th birthday, whichever is closest and, in the case of going on Medicare at 65, the 65th birthday month is closest. The 6 month look back applies to those going on Medicare at least 6 months after their 65th birthday. So, your last HSA contribution can be the prorated amount up through (including) the month before your 65th birthday month. In your case with a November birthday, that means October is your last contribution month, and you can make 10/12ths of the max annual contribution amount - include the $1,000 catchup contribution in there, too. $1,000 catchup contribution + HSA annual max * 10/12ths and that's your dollar amount :) Hope that helps!

[@teams3345]

Medicare and HSA. Does this mean yes? Only contribute through April? Thanks much. Jeff

[@Theretirementnerds]

No, contribute through October - with a November birthday.

[@user-oz9fs1xs9u]

Wow, that change to the out of pocket for Plan D is going to make those premiums skyrocket. They are already very high in my location. I might be forced back onto an advantage plan, yikes!

[@Theretirementnerds]

We're watching that closely 😬 Someone's gotta pay for that...

[@headlibrarian1996]

Premiums will increase but I suspect not by as much as you’d think. What fraction of beneficiaries hit the donut hole? I believe most don’t.