Aging Into Medicare? Be Aware of HSA Rules!
The intersection of Medicare and Social Security can be a bit murky at times, and throwing a Health Savings Account (HSA) into the mix can produce risks–some fairly punitive–for the unsuspecting. For example, signing up for Social Security automatically triggers Medicare enrollment, so the timing for stopping any HSA contributions (employee or employer) becomes critical. Likewise, there’s generally quite a bit of confusion surrounding the terms eligible, enrolled, and entitled when t comes to Medicare, and there are critical timing issues applicable to all that need to be factored carefully into the decision-making process in order to avoid falling into penalties. Confusing, to say the least.
In a post on BenefitsPro.com, HSA Bank Chief Revenue Officer Kevin Robertson offers commentary that should be invaluable to anyone navigating the whitewater swirling around the Medicare process. Check his post out here…