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I have been receiving my Social Security Benefits since the…

I have been receiving...

I have been receiving my Social Security Benefits since the middle of this year, and I am still working. At the time I signed up I was told that the HSA account I have with my company would not impact my existing insurance through my company. I chose not to take Medicare part B because I am still working, and have insurance coverage, and I was told that taking Part A would not impact anything. So I signed up for part A. Now I need to decide on 2018 health benefits, at my company. I have been told I cannot have Part A or B.

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else the Retirement Accountant should be aware of?

So I decided to call Medicare and cancel Part A. The gentleman said that if I did it would create a big problem. That if I cancel Part A, I would have to pay back all the Benefit payments to Social Security. So my question is, if I have earned the benefits I am receiving, why would cancelling Part A Medicare - so I can be covered by my company - also cancel my existing monthly payments, and also mean I would need to pay them back for all benefits I have so far received?? I am confused, nervous, and worried. Can you assist me??

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Answered in 1 hour by:
11/21/2017
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 13,530
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Hi. My name's Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, on three continents, since 1986.

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First. Part A is free and there is NO reason not to have part A. It many times will cover a gap that's not covered by your group plan. As a matter of fact, sometimes, once you turn age 65 the group plan requires it.

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Now, as far as the HSA goes, that's a different story. In order to qualify to put money into an HSA, you must be enrolled in a high deductible health plan (HDHP).

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HDHPs have costly deductibles that members must meet before receiving coverage. This means HDHP members typically pay in full for health care services until they reach their deductible for the year. Afterwards, the HDHP covers all the member’s costs for the remainder of the year.

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If you enroll in Medicare Part A and/or B, you can no longer contribute pre-tax dollars to your HSA. This is because to contribute pre-tax dollars to an HSA you cannot have any health insurance other than a HDHP.

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Now, this business of paying back all benefit payments to Social Security is misguided information.

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Further, having to CANCEL part A to be covered by a group plan is almost NEVER the case...again, part A MAY cover things that the health plan does not. There's just no reason not to have part A.

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Part B, however, DOES carry a premium. SO having part B when you don't have a group plan MAY not be the smartest decision financially.

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But a group plan requiring that you NOT have part B is something that in my 30 years in the ben efits profession I've never heard of.

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Finally, it's the HSA and Medicare that causes a real conflict NOT the health Care Plan itself, becasue, again, because Medicare is NOT a High Deductible Health Plan.

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Sorry for the typo ... the site's not letting me edit for some reason ... I said "Part B, however, DOES carry a premium. SO having part B when you don't have a group plan MAY not be the smartest decision financially."

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Meant to say that having part B [because it comes with a premium] when you HAVE a group plan MAY not be the smartest decision financially ... BUT you certainly can choose to pay the premium and have it .. along with your group health plan.

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Again,, it's the HSA and Medicare where the conflict lies ... NOT with Medicare and a group plan ... It's simply that part B (and it's premium) may not be NECESSARY when you have a group plan.

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Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit" – That’s the only way I’ll be credited for the work.

I hope you’ll rate me based on my accuracy and thoroughness (as opposed to any good news/bad news content). Thank you!

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But again, if you need more on this, please let me know.

Lane

Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 13,530
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified
Lane and 87 other Social Security Specialists are ready to help you
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Customer reply replied 3 months ago
Thank you for your response!! My company has changed the insurance coverage they are offering. They only offer high deductible and that is the reason for the HSA. When I asked the question of the SS person I worked with I asked the question, " would signing up for Part A create a problem with my HSA account and my insurance through the company - he responded there would be no problem. Is there a reason for SS/Medicare for not allowing me to disconnect from Part A, at least until I retire?
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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 13,530
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986

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