When Medicare Part A Is Backdated 6 Months

REFERENCE VIDEO -- Medicare's Impact on Health Savings Accounts (HSAs)
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[joannkelly]

I applied for Social security on 1/15/24 and my last contribution to my HSA was by my employer on 7/14/23 in the amount of $1200. I took the 6 months backdate literally. My total HSA contribution for the 2023 year (from January to July was $2400 which included the $1200 contribution from my employer on 7/14/23). I am not sure if I have to give back that $1200 to my employer or since I did not contribute more than the maximum contribution amount ( $8750 for family with catch-up contributions) for the year I would be ok. I applied 1 month before my 67th birthday. D.O.B. 2/27/57. I went to my local social security office, since I already received checks for Jan and Feb, to see if I could give back the January check and she told me all I had to do was sign a form declining Medicare coverage for which i did. Now I am more confused than ever. Do you have an information for me on this situation.

[J_Neighbor]

You mentioned near the end of the video that you can opt out of backdating if you would have to pay a part A premium. What - like most - you don’t have to pay a part A premium? Can you still opt out of the backdating? (Yes, We have an HSA.)
Excellent information - thanks!

[mikegia]

A breath of fresh air amongst so much misinformation on this topic - Thank you! I spoke (chatted) with someone at Medicare today about the backdating period and they were not sure if could submit claims from that period? I retired last week and had a hospital stay/surgery in February of this year, so now this surgery is within the 6 month backdating period. Can I submit claims from a stay during this period?

[celmt]

Andy, thanks so much for this video.
Am I correct to say that the prorated amount for the year is more important than when funds are deposited?
I ask my employer to stop my HSA at end of October 2023, so I can apply for Medicare in April 2024, but payroll didn’t act on my request till November causing a overfunding of about $352. So, if I withdraw the $352 from my HSA account before April 15, 2024 (tax filing date), I can still submit my request for Medicare in April 2024. Am I correct?

[jplin]

Thanks for the great video! For the example in your video, what does Joe need to do for his extra HSA contributions in previous year if he requests for Medicare in January of current year ?

[PeacePrevails]

Very good explanation, thanks a ton!!

[tioswift]

This is the first time I’ve heard that the backdating starts when the application is submitted, not the Part A/B date…is this a for sure point? No offense meant.

[lolitanoval]

Hi Sir, i am already 65 last March. I didn’t not enroll or apply my medicare. Is it true that got a penalty ? What is the best health insurance for Medicare? Thank you for your response.