Upbeat music plays as the UnitedHealthcare logo becomes ribbons that swoop across the screen. A text bubble pops up.
ONSCREEN TEXT: Working past 65…
ONSCREEN TEXT: Medicare Conversations
A piggy bank appears with the letters "HSA" printed on the side.
ONSCREEN TEXT: What happens to your HSA with Medicare?
Now, a bespectacled man wearing a grey blazer and light-blue collared shirt leans forward in a chair. A blue bar appears at the bottom left of the screen, containing text:
ONSCREEN TEXT: Phil Moeller Author and Medicare expert
PHIL: I'm Phil Moeller, thanks for spending a few minutes with me today.
An animated piece of paper titled “Employer plan” centers a new slide. Text appears beneath it:
ONSCREEN TEXT: High deductible health plan
The slide splits in two, and the HSA piggy bank appears. Gold coins drop into it from above, and text runs beneath it:
ONSCREEN TEXT: Health savings account (HSA)
PHIL: If you have a high deductible plan, many employers will help you set up a Health Savings Account, to help you deal with those expenses in the deductible phase of your plan.
Now, the HSA piggy bank centers the screen. A hand drops a coin in from above, and then another hand does the same. Then, a white line stretches above the piggy bank. Text appears beside it:
ONSCREEN TEXT: IRS limit
Coins drop from above, striking the line and bouncing away from the piggy bank.
PHIL: HSAs are funded with pretax dollars. Usually your employer puts in some, and you can put in the rest up to a specified annual limit that is set and changed every year by the IRS.
Three gold coins center a blue screen. Three white circles featuring animated symbols drop from above and cover the coins. They are, from left to right: a stethoscope, a pill bottle with the “Rx” prescription symbol on it, and a magnifying glass with a “+” symbol centering it.
White text appears above:
ONSCREEN TEXT: Tax-free
PHIL: Not only can you fund it with pretax dollars, but you can spend those dollars on any qualified health expense, and you will not incur a taxable event when you spend the money.
Phil interviews, gesticulating with his hands as he talks.
PHIL: So HSAs can be a great vehicle because they're rare and that they're funded with pre-tax dollars. But when you spend the money out of the account, it's not a taxable event. So, it's tax free going in tax free going out, it can be a great tool.
The HSA piggy bank centers a blue slide. Gold coins arc into from the left of the screen, passing over text:
ONSCREEN TEXT: Pre-tax
Coins arc out of the piggy bank to the right side of the screen, passing over text:
ONSCREEN TEXT: Tax-free
PHIL: And the other nice thing about HSAs is that if you have unspent monies in an HSA, you can carry them over from year to year. So, you can build up some pretty big balances in an HSA.
On a white slide, the piggy bank appears atop a scrolling line split up into years. It scrolls from 2021 to 2030.
PHIL: And I've actually advised people in some settings, to not use their HSA. Just use it as, almost a retirement vehicle, build up big balances in an HSA. So when you do retire, you can spend those balances tax free on any qualified expense, including by the way, Medicare premiums, which are qualified medical expense when you retire.
Three gold coins again transform into the stethoscope, prescription bottle, and magnifying glass symbols. Text appears above them:
ONSCREEN TEXT: Tax-free
The three symbols are replaced with a white circle containing text:
ONSCREEN TEXT: Medicare premiums
Gold coins shoot up from below into the white circle.
PHIL: So, HSAs can be terrific. However, there's a wrinkle in that HSAs are not compatible with Medicare. So, if you have Medicare, you're no longer allowed to contribute to an HSA. You can use the funds in the account, but you can't contribute new funds to the account. And your response may be “well, that's fine, because I'm going to continue to work. And I'm going to continue to use my HSA and I'm not filing for Medicare.”
The piggy bank appears with a plus sign (+) linking it to a Medicare card. A white line appears above the slot to the piggy bank, blocking the gold coins from dropping in.
PHIL: However, a lot of people as they get older, especially when they reach the latest claiming age of 70 for social security, it really behooves them to file for Social Security.
A line with sequential numbers from 65 to 70 appears on a white screen. A cake with a lit candle sits above 70. A circular marker with an office building inside it moves along the line. When it reaches 70, text appears:
ONSCREEN TEXT: 70 is the latest claiming age for Social Security
Phil: When you file for Social Security, by law, you must receive Part A of Medicare, you can't avoid it. If you want to get Social Security benefits, you have to be enrolled in Part A. If you're enrolled in Part A, it means you can't continue making contributions to an HSA.
Text appears on the left side of a new slide.
ONSCREEN TEXT: You must enroll in Part A to collect Social Security benefits
Between the text, above “Part A,” an image of a bed appears within a navy-blue circle. Beside that, a box appears, and a checkmark marks it.
On the right side of the slide, someone reaches an animated hand in with a gold coin in their palm.
Now, Phil interviews.
PHIL: People rarely understand this, I get a lot of questions from people who simply are surprised when they run into this roadblock. And so, I'm telling you today that there is a roadblock you should be concerned about.
An animated coiled notebook appears before a blue background. An orange checkmark headlines the top of a page, and text appears below it:
ONSCREEN TEXT: Be aware of unintentionally enrolling in Medicare Part A
PHIL: So, you shouldn't unintentionally enroll in Part A, and in some cases, it can influence the timing of when you do apply for Social Security. However, I don't know of any situation when you're better off not taking Social Security benefits and using the benefits of contributing to an HSA. Especially if you're waiting until age 70 to file.
A piece of paper appears with an orange checkmark on it, and a title:
ONSCREEN TEXT: Social Security
It slides to the bottom left corner of the screen. A plus sign (+) connects it with an HSA piggy bank. Five gold coins appear beside it. Above, an HSA piggy bank stands alone, with only three gold coins beside it.
The Social Security paper linked to the HSA piggy bank slide up and center a new slide.
PHIL: You should just file for Social Security and understand that that means you won't be able to continue contributing to your HSA.
PHIL: I hope I've helped answer some of your Medicare questions. I realize you may have lots of other questions – Medicare can be pretty complicated.
Text centers a blue screen beside a question mark (?) in a white circle:
ONSCREEN TEXT: What if I still have questions?
Phil: Medicare-made-clear-dot-com, provides lots of answers to your basic questions. So, if you still have them, I urge you to go there and see if you can get the answers you need.
ONSCREEN TEXT: Visit MedicareMadeClear.com
PHIL: Thanks again for spending time with me today.
Blue text centers a white screen:
ONSCREEN TEXT: Medicare Made Clear brought to you by UnitedHealthcare
Then, three blue lines swirl onto a white slide and form the blue u-shaped UnitedHealthcare logo. The logo is replaced with blue text:
ONSCREEN TEXT: United Healthcare®
Faint text sits at the bottom of the screen.
ONSCREEN TEXT: ©2021 United HealthCare Services, Inc. All Rights Reserved. Medicare Made Clear® by UnitedHealthcare®