My recent columns have drawn thousands of questions and comments that were primarily focused on rising. Medical debt Medicare and retirement disruptions regarding social security and health savings accounts known as HSAs. Below is an edited sample of these over 6,000 comments (Good and Bad!) and my thoughts.
As always, if you are asking personal financial questions, you arePlease lick me here and drop me a note. I’ll answer this in a future column.
Let’s go now. Let’s start with people who weren’t very happy with me:
It was well intended, but I was disappointed with your article. Medigap’s policy failed to mention that Medicare covers all or most of the things that are not. Also, the people you mention may be eligible for Medicare savings plans that reduce beneficiary costs. Qualified Medicare beneficiaries or QMBs are the most generous plan, covering all out-of-pocket and deductions, Part B premiums, and also providing additional help you point out.
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Kelly: Guilty. Regular Medicare doesn’t incorporate caps based on various out-of-pocket costs, so if you don’t have supplemental protection, you don’t want to register. According to KFF, bills that lead to medical debt typically include daily medical services such as LAB fees and diagnostic tests, dental care, doctor visits, doctor visits and doctor visits. Medicare also typically requires patients to pay around 20% of their doctor’s bills from their pocket. Many retirees cannot.
So let’s talk about Medigap Health Insurance. Not everyone has this report. These insurances are sold by private insurance companies and, as you have pointed out, you can pay some or all of the remaining expenses, including unpaid deductions, coinsurances, joint payments, and other, and cover medical expenses that are not covered like most medical care received by Medicare. Traveling in the US.
However, in most states, the guaranteed right to purchase MediGap is limited to the time you first sign up for Medicare Part B. This is because Medicare will not allow MediGap Plan to reject you or charge a higher premium due to your existing condition during that period. However, in most states, premiums vary depending on factors such as age, gender, and where you live.
If you joined the Advantage Plan in your first year of Medicare, but are released within a year and switched to traditional Medicare, the Medigap warranty policy is also suitable. But then, in most states, Medigap plans can completely reject you if you have an existing condition such as diabetes. Exceptions are New York, Connecticut, Maine and Massachusetts.
If you have a limited income, you may be eligible for Medicare, as I pointed out there is help there Extra helpcovers some premiums and deductions and limits drug costs. free One-on-one counseling Available through the state’s health insurance support program (ship). Medicare Rights Center Provides a free consumer helpline: 800-333-4114. You can also contact Medicare directly at 800-633-4227.
QMB you mentioned is a useful Medicaid program Low-income Medicare beneficiaries Pay Medicare costs such as insurance premiums, deductions, and out-of-pocket expenses. This is secondary insurance, which means that Medicare pays for cost sharing after paying the shares.
I’m 60 years old and am worried about the future long-term care costs. What are these?
Kelly: One factor affecting the rise in healthcare debts among older adults is that traditional Medicare and Medicare advantages do not cover the cost of long-term care at nursing homes and assisted living facilities. According to the National Investment Center for Housing and Care for Seniors, apartments in supportive living facilities averaged $74,148 per year in 2024. Dementia patients’ units can run over $94,000.
Approximately 80% of people over 65 need long-term care, and nearly 20% need high-intensity care for more than three years. Anqi Chen, co-author of the brief at Boston University’s Retirement Research Center,
Can I use HSA donations to pay for Medicare Part B&D costs or other insurance plans (Advantage, Medigap, etc.)?
Kelly: Yes, you can pay Medicare Premium and other eligible medical expenses, including those eligible for Medicare premiums and Medicare Parts A, B, C (Medicare Advantage) and D (Prescription Drug Coverage). However, it is difficult to pay premiums for Medicare Supplements (Medigap) plans using HSA funds.
learn more: What is a Health Savings Account (HSA)?
My husband and I retired in the 70s and live in Mexico. My husband has an HSA that he set up through his work probably 15 years ago. Can he use it for medical expenses outside the US and similar expenses? Can I continue to contribute to existing HSAs?
Kelly: Yes, you can use HSA to cover your healthcare costs when you live abroad, as long as the costs are eligible under US law. However, if you are accessing your account with a credit card, you may be docked with a transaction fee of 1% to 3%.
As for the time being, you cannot contribute more money to an HSA at your age as of now. Contributions are Caputo when eligible for Medicare. It usually starts at the beginning of the month when you turn 65. Current invoice If it becomes law now before the Senate, we may tweak this eligibility.
I am about to retire and am planning to live in Canada. If you receive and receive a salary of about 50k in Canada, are you bound by Social Security income restrictions?
Kelly: This is something you will work directly with Social Security personnel. Generally, if you live and work in another country, your Social Security income limits usually remain the same as you were working in the United States.
Here’s how it works: The revenue test applies only to those who have gathered Social Security between the ages of 62 (earliest age of eligibility) and the full retirement age between the ages of 66 and 67, depending on the year of birth.
In the face of that, you are allowed to claim Social Security retirement benefits while working, and you have not lost any withheld benefits. Social Security recalculates monthly profits when reaching full retirement age and praises withholding benefits. Generally, revenue testing mechanisms involve earning more than $23,400 (adjusted annual limit) between the age of 62 and full retirement age and collecting Social Security, the administration withholds $1 for every two dollars above that limit.
For those who reached full retirement age in 2025, the annual exemption is $62,160. This exemption applies only to revenue made several months before the month when you reach retirement age.
The good news is that revenue tests will disappear at full retirement age.
But there’s nothing easy here. There is Another A method called foreign work test. In this way, your income can affect your current profits. If you are receiving Social Security benefits and are younger than your full retirement age, the SSA withholds monthly benefits that involve working more than 45 hours outside the United States and is not subject to US Social Security Tax. It doesn’t matter how much you earn or how many hours you work each day. Check out How work affects your interests (published number 05-10069).
I’m 69 years old and I’m planning to work until I’m at least 72 or 73 years old. Social Security Income (SSI) benefits are the majority of my income after retirement. Currently, I am in debt of $40,000 on a repayment plan that eliminates all or most of my debts before I leave. The warning is that you will need to claim SSI perks to support this payment plan. I will be 70 in September 2025 and would like to know when I can apply for Social Security Income Benefits to maintain an 8% increase until I reach 70. Is it my September birthday or do I have to wait until October 1st?
Kelly: To receive an increase of up to 8% in Social Security benefits, you must apply for benefits the month before your 70th birthday. This will fully increase the annual 8% increase, which will start benefits from the month of your 70th birthday, and delay benefits after retirement age.
Usually, it takes at least a month or 30 days to receive your first Social Security check after processing your application. In some cases it may take 45 days. The exact timing of check delivery depends on the time of the Social Security Administration processing.
read more: When will you get a Social Security check?
At a recent business meeting at SSA in April, agency officials reported that the field office is “currently struggling to accommodate the timeliness of the year.” The fact that they know this is a good thing, and if they take action, the SSA will control this by the time you apply for your interests.
In general, it is recommended that you apply for up to four months before you begin receiving benefits.
Kelly Hannon is a senior columnist for Yahoo Finance. She is a career and retirement strategist and author of the upcoming 14 books “Retirement Bite: A Gen X Guide to Securing Your Financial Future,” “Controlled with 50+: How to succeed in the new world of work.” And follow her, “Don’t get older to be rich.” Blue skiing.
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