Last week, after our issue on how to protect yourself from Medicare going under, we were inundated with questions. Most of them were pretty similar…
Any suggestions for people already on Medicare with a fixed income that hope to still be around in 12 years? I currently have a high deductible supplemental plan but I do not believe I can set up an HSA without earned income. Thank you. – A.W.
We got so many questions about Health Savings Accounts (HSAs) and Medicare that we made it the subject of our Weekly Update. (You can watch that right here.)
But this is such a big topic, we wanted to bring it up here as well.
Unfortunately, if you are covered by any Medicare plan you cannot contribute to an HSA. You can take funds out and use them to pay for premiums on Medicare parts A, B, D, and Medicare HMO. But you can’t use those funds to pay for Medigap premiums.
Unlike IRAs, there’s no rule about earned income. So you don’t have to be working in order to contribute. But you do need to be enrolled in an eligible high-deductible health insurance plan.
We recommend taking advantage of HSAs as early as possible. Remember too, that HSAs have contribution limits. Single payers have a limit of $3,400 and families have a limit of $6,750. Folks 55 and older can contribute an additional $1,000 per year as a catch-up.
If you’re already on Medicare and don’t have an HSA, don’t worry. There are other ways to save on health care in retirement. We put together some of our favorite tips in our report “Secrets of the Health Care System” which is available to Retirement Millionaire subscribers right here.
Q: I am trying to find the issue in which Doc compared and talked about the following blood thinners: Warfarin, Pradaxa, Eliquis.
I searched and was unable to locate it. I believe it was published in the last two months. Any help would be appreciated. I find the publication quite informative. – M.L.
A: We’ve talked about blood thinners quite a bit in Retirement Millionaire Daily. Most recently, we explained how blood thinners help those with AFib.
But I think what you were looking at was Porter’s latest issue of Stansberry’s Investment Advisory. He talked about the biggest blood thinners in the market, which ones are working best, and the companies that are benefiting from a growing blood-thinner market.
Q: Are glass bottles okay to use for drinking? – H.S.
A: I prefer using glass over plastic for drinking. But if you’re using them to replace a plastic water bottle, I’d suggest steel instead of glass. The danger with using glass bottle is ease of breaking the bottle. Steel water bottles are sturdy… The most that might happen if you drop it is putting a dent in the bottle. One of my assistants uses Klean Kanteen, a leading manufacturer of stainless-steel bottles.
Q: I subscribe to Retirement Millionaire. How do I obtain a copy of David Eifrig’s The Doctor’s Protocol Field Manual? – R.L.
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What We’re Reading…
- Did you miss it? What the new “fear index” says about the state of the world.
- Something different: A short essay from energy billionaire T. Boone Pickens.
Here’s to our health, wealth, and a great retirement,
Dr. David Eifrig and the Retirement Millionaire Daily Research Team
July 28, 2017