Be Careful of HSAs with Social Security and Medicare
Health Savings Accounts (HSAs) are a great vehicle for those with a high deductible health insurance plan, as they offer triple tax advantages. But, as Sarah O’Brien of CNBC writes, those that regularly contribute to an HSA and plan to claim Social Security past full retirement age need to “watch out.” You can no longer contribute to an HSA once on Medicare, no matter whether you sign up just for Part A hospital coverage (free) or additional parts of the program that require premiums. While easy enough to comprehend, complications can arise for people who delay both Social Security and Medicare. Read the full piece here.