From Yahoo Finance: 2025-06-14 09:00:00

In a recent column, Kerry Hannon addresses common concerns about medical debt, Medicare, Social Security, and retirement accounts. Medigap policies can cover costs not covered by Medicare, while Medicare Savings Plans can lower beneficiary costs. Medigap health insurance policies may cover costs like deductibles, coinsurance, and copayments. Those with limited income may be eligible for Extra Help, which covers Part D premiums and drug costs. Long-term care costs are not typically covered by Medicare, leading to rising healthcare debt for older adults.

HSA contributions can be used to pay for Medicare premiums and qualified medical expenses, but not Medigap plan premiums. If you live outside the US, you can use your HSA for qualified medical expenses, but contributions usually stop once you are eligible for Medicare. Social Security income limits remain the same if you live and work in another country, and the earnings test applies to those collecting benefits before full retirement age. Applying for Social Security benefits the month before your 70th birthday ensures you receive the maximum 8% increase for each year you delayed taking benefits.

Overall, the article addresses various financial concerns related to healthcare, retirement, and Social Security, providing valuable insights and tips for navigating these complex systems.



Read more at Yahoo Finance: Readers weigh in on Medicare and more