Millions of Americans use both Social Security and Medicare. But how do the programs affect each other?
In the following video from our Social Security Q&A series, Dan Caplinger, The Motley Fool's director of investment planning, answers a question from Fool reader Larry, who asks whether registering for Medicare is a requirement when you sign up for Social Security because he wants to keep using a Health Savings Account. Dan notes that the link between Medicare and HSAs is strong, because having Medicare coverage doesn't qualify as a high-deductible health plan that's necessary for HSA coverage. But if you're not yet of Medicare age, you should be able to take Social Security and still contribute to an HSA. Moreover, if you don't take Social Security, you can decline Medicare after age 65, but doing so rarely makes financial sense because of the protection that Medicare offers. Dan concludes that it's smart to consider all your Medicare and Social Security options before making final decisions about your finances.
How to get even more income during retirement
Social Security plays a key role in your financial security, but it’s not the only way to boost your retirement income. In our brand-new free report, our retirement experts give their insight on a simple strategy to take advantage of a little-known IRS rule that can help ensure a more comfortable retirement for you and your family. Click here to get your copy today.
Have general questions about Social Security? Email them to SocialSecurity@fool.com, and they might be the subject of a future video!