Next year at this time I will be signing up for Medicare, I’ve started the research now, for years as an IT Contractor, I had to have my own Health Insurance, during this time, I also had a Health Savings Account (HSA), I was concerned about what would happen to the $55-60k I have in the account, I found out a lot of my out of pocket expenses can be paid out of the HSA, I just can’t contribute anymore once I go on Social Security.
Not quite... You can’t CONTRIBUTE any more to the HSA WHEN you start Medicare! You might consider using a spouse’s coverage and putting off Medicare until normal Retirement at 67 and you can contribute and compound Soc Sec $$$s at 8% + COLA each year until you do start it! As a Medicare Broker for a decade, private message me if you have any questions or want help from a Certified CFP and AIF who concentrates on Medicare after 30 years in financial services... ymmv
The Medicare is confusing. This is on purpose.
Talk to an insurance specialist.
Ask lots of questions.
I got a part G plan, called medigap..covers everything that traditional part a and b does not..
No restrictions...
Low deductible...
But part C plans pay high commission to the insurance specialist, whereas a part G plan doesn’t.
The fed wants to drive people into part C plans.