Blue text appears on a white background as mellow music plays.
The text is replaced with the UnitedHealthcare logo.
ON SCREEN TEXT: Medicare Made ClearⓇ by UnitedHealthcareⓇ
ON SCREEN TEXT: UnitedHealthcareⓇ
Now, white and blue text scrolls onto contrasting word balloons on a light blue background.
ON SCREEN TEXT: Medicare
Conversations
ON SCREEN TEXT: Working past 65...
Phil Moeller, in a suit, addresses the camera in a chair on a white and stippled backdrop.
A table next to him holds books, a coffee, mug, and an abstract sculpture.
Blue text on the upper right displays his name and title, and smaller "Medicare Made Clear" logo appears in the lower right and remains onscreen for the duration.
ON SCREEN TEXT: Phil Moeller, Author and Medicare Expert
ON SCREEN TEXT: Medicare
Made Clear by UnitedHealthcare
PHIL: I'm Phil Moeller. Thanks for spending a few minutes with me today.
The words "Health Savings Account" appears in a blue circle and blue text floats next to it.
OPT: Health Savings Account
ON SCREEN TEXT: "What happens to your health savings account (HSA) when enrolling in Medicare?"
Phil speaks to the camera.
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.
Three circles, colored in green, blue, and blue stippling, slide onscreen bearing text as Phil speaks.
ON SCREEN TEXT: High Deductible Plan
ON SCREEN TEXT: Health Savings Account
ON SCREEN TEXT: Deductible
Phil continues speaking from the chair.
PHIL: HSAs are funded with pre-tax dollars.
The phrase "Health Savings Account" floats in a blue circle on the top of the screen.
Below it, a building and woman icon appear left to right.
Dollar signs float upward from the building and woman into the HSA circle.
PHIL: 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.
As Phil speaks, the icons slide downward, leaving the HSA circle. A dollar sign in a circle, encased in a dotted line, appears to the left.
The label "Pre-tax" appears underneath it.
It moves quickly into the HSA circle and disappears. Another stippled circle labeled "Qualified Health Expense" appears to the right. The dollar sign now moves from the HSA circle toward the stippled circle and floats over it.
ON SCREEN TEXT: Pre-tax
ON SCREEN TEXT: Qualified Health Expense
PHIL: Not only can you fund it with pre-tax 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 speaks to the camera.
PHIL: So HSAs can be a great vehicle because they're rare in 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, 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.
Blue dates appear under bullet points spanning the years 2019 to 2023.
The HSA circle slides rightward over the bullet points, connecting each of them with a thick blue line.
ON SCREEN TEXT: Health Savings Account
2019 2020 2021 2022 2023
PHIL: So you can build up some pretty big balances in an HSA, and I've actually advised people in some settings to not use their HSA.
He speaks to the camera.
PHIL: Just use it almost as 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...
Blue circles labeled "HSA" and "Qualified Health Expense" hover onscreen.
A dollar sign labeled "Tax Free" passes between them.
ON SCREEN TEXT: Health Savings Account
ON SCREEN TEXT: Tax Free
ON SCREEN TEXT: Qualified Health Expense
Now another circle labeled "Medicare Premiums" appears, and another dollar sign with the "Tax Free" label passes to it from the HSA circle.
ON SCREEN TEXT: Medicare Premiums
ON SCREEN TEXT: Tax Free
PHIL: Including, by the way, Medicare premiums, which are a qualified medical expense as you retire.
Phil speaks to the camera, and then two large circles with labels appear next to a each other. A "+" appears between them and is quickly marked out with a red diagonal line.
ON SCREEN TEXT: Health Savings Account
ON SCREEN TEXT: Medicare
PHIL: So HSAs can be terrific. However, there's a wrinkle in that HSAs are not compatible with Medicare.
The circles rotate, with the "Medicare" circle above the "HSA" one.
A line slides onscreen and forks, forming a separate path into each of the circles.
A dollar sign moves along the path into the upper circle, and another dollar sign exits the lower circle.
The upper circle moves offscreen, leaving the "HSA" circle with a line running through it.
PHIL: So if you have Medicare, you are 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 gonna continue to work, and I'm gonna continue to use my HSA, and I'm not filing for Medicare."
Phil speaks in profile.
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.
White text appears on a large blue circle.
ON SCREEN TEXT: Social Security
A graphic representing a completed form appears to the right of the circle.
It slides downward, and now a smaller circle labeled "Medicare" appears out of the "Social Security" circle, connected by a chain.
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.
The larger circle shrinks and is overlapped by the Medicare circle.
Then an "HSA" circle appears to its right enclosed by a thick blue border.
A dollar sign bounces off the border.
PHIL: If you're enrolled in Part A, it means you can't continue making contributions to an HSA.
Phil speaks to the camera.
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,
so you shouldn't unintentionally enroll in Part A.
The lower right corner of the screen rolls up like a paper unfolding, revealing blue warning text next to Phil.
ON SCREEN TEXT: Be aware of unintentionally enrolling in Part A
PHIL: 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.
You should just file for Social Security and understand that that means you won't be able to continue contributing to an HSA.
An orange question mark and blue text appears on screen. Phil then speaks to the camera.
ON SCREEN TEXT: "What if I still have questions?"
PHIL: I'd really appreciate you spending a little time with me today.
I hoped I helped answer some of your Medicare questions.
I realize you may have lots of other questions. Medicare can be pretty complicated.
A white word balloon featuring blue text unfolds to Phil's right.
ON SCREEN TEXT: MedicareMadeClear.com
PHIL: MedicareMadeClear.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.
Thanks again for spending time with me today.
The scene fades to white. The blue UnitedHealthcare logo and fine print appear onscreen.
ON SCREEN TEXT: UnitedHealthcareⓇ
©2020 United Healthcare Services, Inc. All rights reserved.
The logo slides upward, replaced by the Medicare Made Clear logo.
ON SCREEN TEXT: Medicare Made ClearⓇ by UnitedHealthcareⓇ