Thanks for the great information. I'm 60 and ready to retire in the next year (have most things sorted out). Health Care is my main concern, I was not aware of the using income from the 2 years before I turned 65 for my Medicare. I'm a high earner, so if I worked to 65 and retired I would probably get whacked, vs just having my retirement income level which would be considerably lower. So an incentive to retire early. Not that I need much prodding.
Good question. That's more specific than I'd want to get into in comments here, as rules can change, and lots of people may read this and interpret things differently. But you may be able to use HSA funds for some Medicare-related expenses (and not others).
You can pay Medicare B and D premiums with HSA money, but not Medigap(supplemental) can also,pay LTC premiums. Look up the IRS rules for HSA reimbursement, they are VERY generous.
Thanks for the great information. I'm 60 and ready to retire in the next year (have most things sorted out). Health Care is my main concern, I was not aware of the using income from the 2 years before I turned 65 for my Medicare. I'm a high earner, so if I worked to 65 and retired I would probably get whacked, vs just having my retirement income level which would be considerably lower.
So an incentive to retire early. Not that I need much prodding.
Thanks, and I'm glad you picked up on that. If you didn't already figure it out, you might search for information on IRMAA to learn more about that.
IRMAA penalties are real, but not that large
Another excellent video by Approach Financial chock full of useful financial information. Thanks, Justin Pritchard!🎯
Thank you, David!
@@ApproachFinancial My pleasure.
👍
Much appreciated
You can't pay medicare premiums with HSA $$ correct?
Good question. That's more specific than I'd want to get into in comments here, as rules can change, and lots of people may read this and interpret things differently. But you may be able to use HSA funds for some Medicare-related expenses (and not others).
You can pay Medicare B and D premiums with HSA money, but not Medigap(supplemental) can also,pay LTC premiums. Look up the IRS rules for HSA reimbursement, they are VERY generous.