Ensuring your benefits don't become a burden

Medicare Part A, Social Security & Health Savings Accounts

Why employed Americans with an HSA need to pay attention to Medicare and Social Security enrollment.

By Kevin Robertson | Originally posted on BenefitsPro

Throughout the decades, American workers have come to rely on an ecosystem of public and private benefits that, for the most part, came together piece by piece. And while policymakers have tried their best to make these different moving parts work together seamlessly, sometimes these benefits clash in an unintended way that creates a financial burden to unaware participants. The confluence of Medicare Part A, Social Security, and Health Savings Accounts (HSAs) is an example of this. 

More than 10,000 Americans per day turn age 65, and the vast majority of these people will enroll in Medicare. Many of these people are currently contributing to HSAs, and if not careful, hundreds of thousands of these Americans that age into Medicare each year could potentially be paying fees and penalties to the government because of the interaction of these benefits.