HSAs and Medicare | How to Avoid Critical Mistakes

Health Savings Accounts (HSAs) are some of the most popular investment accounts for those that qualify for them and fund them. However, Medicare enrollment can drastically impact how you can continue to contribute funds to your HSA.
If you have an HSA that you plan on continuing to fund after you become eligible for Medicare, make sure you take the time to watch this video so that you can learn what mistakes to avoid and how you can get the most out of your HSA dollars past age 65.
Here is the link for the IRS document that highlights everything you need to know about how HSAs function: www.irs.gov/pu...
Here is an official decision guide published by the Centers for Medicare and Medicaid Services (CMS) that can help you decide whether or not you want to enroll in Part A and/or Part B of Medicare when you are turning 65: www.cms.gov/Ou...
Here are other great HSA resources that we used for some of the details in this video:
www.optum.com/...
www.benstrat.c...
www.in.gov/spd...
www.benstrat.c...
www.benstrat.c...
To learn more about how we at Giardini Medicare can help with your Medicare Transition, visit our website at www.gmedicaret...
be sure to like us on Facebook as well, at / giardinimedicare

[@Liam69400]

I am in the medical field and cannot understand why this does not have more views! EXCELLENT CONTENT!!

[@GiardiniMedicare]

Thanks for watching and for the nice comment! Hopefully, the views will increase since we think it is good information for people to know.

[@carsonallariawealthmanagement]

Great video and information! Quick question...you mentioned to stop contributing to an HSA the month before you go on Part A, but I thought you had to stop 6 months prior. I've always wondered where that 6 months was measured from. Can you clarify that? Thank you\

[@GiardiniMedicare]

Thanks for watching and commenting! The 6-month retroactive coverage only happens if you are applying for Medicare Part A for the first time past age 65. If you delay Medicare Part A and enroll after age 65, your effective date for Part A becomes effective 6 months before the month you apply for Medicare and this is why people say to stop contributions then. Let me know if this makes sense!

[@josephritter29]

My birthday is 12/18/1959. So I can apply for Medicare from 9/1/2024 thru 3/18/2025 ? If I decide to apply on 3/18/2025, would Medicare still go back 6 months? If so, I would be better off just applying on my birthday ?

[@timgordon4600]

Good evening.. My current situation is my wife is turning 65 in June but Im only 63.. I have the Insurance and HSA.... (75 employees) we have letter. Question is can I keep family plan and contribute full amount and catch up?

[@GiardiniMedicare]

Thanks for watching and thanks for the great question! In your situation, if your wife does enroll in Medicare Part A, then you can continue to contribute the full family contribution amount into your HSA, as long as she also remains enrolled in the group health plan. In this case, you could also contribute your full catch-up amount and she would have to prorate her catch-up into her own HSA based on when she enrolls in Medicare. If she decides to delay Medicare Part A, you can continue full HSA contributions with no changes.

[@eastbay40386]

This is great video for explaining the details. Thanks.
I will be in Medicare in September this year, my wife will be in March 2024. We are all retired and no social security yet.
The family Hsa is under my name. So can I contribute 8/12 prorated,including catchup? Can my wife setup a separate account and contribute her par for the whole 2023 year and two months next year, also including her self $1000 catchup? 😊

[@GiardiniMedicare]

@@eastbay40386 Thanks for watching! You can do the prorated contributions for the family amount and your catch up like you mentioned, is your wife turning 65 in March of this year 2024, or March of next year 2025?

[@eastbay40386]

@@GiardiniMedicare sorry it’s March 2025.

[@GiardiniMedicare]

@@eastbay40386 Thanks for clarifying. It will heavily depend on what your wife's coverage looks like once you begin Medicare. If she remains covered by an HSA qualified plan, she can continue to prorate her contributions and her catch up until she begins Medicare in 2025. Her contribution levels will depend if she is on an individial plan, or if she remains covered by a family plan.

[@carmcb]

I'm disable and my Medicare starts NOV 2023, I received the information booklet but no Medicare care - any idea when I should be receiving the card. Thank you (great videos)

[@GiardiniMedicare]

Thanks! If you received the welcome to Medicare packet, your card should have come with it. You can also check your "benefit verification letter" online using SSA.gov to make sure your Medicare is in effect for November. Here is some more information from Medicare about the welcome packet: www.medicare.gov/basics/forms-publications-mailings/mailings/signing-up/get-ready-for-medicare-package

[@hainguyen7971]

You are correct! I am still working passed 65 and not enroll in Medicare part A and denied Medicare part B along until I retire due to I have a HSA and not collecting my SSA yet!
I knew that before retiring 6 months, I need to stop my contributions to my HSA as well as my employer’s so no penalty!
Many people didn’t know about this

[@camerongiardini8703]

We appreciate you adding your first hand experience! It's definitely something that people don't know about, but it's very important for anyone with an HSA to know about it.

[@bradpetrella6987]

Great video Cameron!!!

[@GiardiniMedicare]

Thanks!