HSA Talk is a website and blog dedicated to provide education, transparency, and HSA advocacy. Our panel of experts will publish weekly blogs and provide a forum for readers to comment. More about this blog
If you asked American seniors to tick off the things most important to them, the preservation of their independence and a secure retirement would be right up there with continued good health and occasional visits from their children and grandchildren. Unfortunately for them, the economics of healthcare make that a challenge too many of them are unprepared to meet.
One of the most common misconceptions surrounding Medicare is that it is free to beneficiaries. In fact, a recent Nationwide study found that more than half of adults aged 50 and above did not realize they will have to pay for Medicare Part B, even if they’ve worked and paid Social Security taxes for 10 years.
You’re a month away from your milestone 65th birthday, and life is good. You remain at work and plan to do so for several more years, whether because you love what you do or you fear your retirement savings won’t cover the lifestyle that you want to live.
Let’s create a scenario: Your family of four has just won a seven-day vacation to a popular theme park. The prize was advertised as paying for your air transportation, housing, and two meals a day, as well as a $1,500 cash for admission tickets, daily lunch, and souvenirs.
HSA investors have long been a key element of the HSA industry. According to Devenir Research, the average HSA investor held roughly $10,948 in investments at the end of 2018. In addition, these investors held $3,580 in cash, more than double the funded deposit balance of non-investors.
Representatives Ami Bera (D-CA) and Jason Smith (R-MO) have introduced bi-partisan legislation (HR 3796 “The Health Savings for Seniors Act”) to allow retired seniors on Medicare to have a health savings account or HSA. Medicare beneficiaries would be able to fund the account and use it to pay for healthcare expenses in retirement.