Medicare and Health Savings Accounts-Medicare and Health Savings Accounts

Medicare and Health Savings Accounts

Video Transcription

Video Summary

This video provides information on Health Savings Accounts (HSAs) and how they can work with Medicare. HSAs are savings accounts for individuals with high deductible health insurance. Money is contributed pre-tax and can be used to pay for qualified medical expenses until the deductible is reached. HSAs have benefits such as tax-free withdrawals for medical expenses, dental and vision care, and long-term care insurance premiums. However, there are important rules to follow, such as being covered under a high-deductible health plan and not making new contributions after enrolling in Medicare. The video suggests planning ahead and consulting with financial and tax advisors for personal advice. (Source: AARP)

Keywords

Health Savings Accounts

HSAs

Medicare

high deductible health insurance

qualified medical expenses