Escapees July-August 2024

CHURCH STREET FINANCIAL SERVICES 2123 US HWY 190 W. Livingston, TX 77351 www.churchstreet fi nancial.com, 936-327-7789

workers to stop contributing to their HSA six months before the month they apply for Medicare to avoid penalties. Note that the month of application is used to calculate the six-month lookback, not the month the applicant wishes to begin bene fi ts. Another consideration is if you turned on your Social Security prior to age 65 and continued to work part-time with medical bene fi ts, speci fi callya high-deductible health plan attached to an HSA. If a worker is collecting Social Security upon turning 65, they will be automatically enrolled in Medicare and henceforth no longer be able to contrib ute to their HSA. The only way to opt out of this would be to rescind the Social Security election within 12 months and pay back all bene fi ts received to date. Once you are enrolled in Medicare and over age 65, HSA savings can be used to pay premiums for Medicare Parts A, B, C and D; they can’t be used for Medicare Supplement Insurance premiums, however. As you can see, HSAs can be a valuable tool for managing healthcare costs in

retirement. The bene fi ts of tax-free distri butions to cover eligible medical expenses during retirement can be tremendous. The rules are complicated, especially with Medicare and over age 65 complications. Consult with an advisor to make sure you maximize your bene fi ts and avoid any potential penalties! ANDY EVANS is a CERTIFIED FINANCIAL PLANNER™ professional. He holds a BBA degreein fi nance from Texas A&M University and is a graduate of The Southern Methodist University Graduate School of Banking. He has over 25 years of experience in banking and fi nancial services and holds Series 7, Series 24, Series 66 and Series 63 registrations. Andy is an experienced investment advisor representative who specializes in retirement plan designs with diversification to address all clients’ needs and establish lasting fi nancial relationships. INVESTMENTS ARE: NOT FDIC/NCUSIF INSURED - MAY LOSE VALUE - NOT FINANCIAL INSTITUTION GUARANTEED - NOT A DEPOSIT - NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. CRAIG A. EVANS OFFERS SECURITIES AND ADVISORY SERVICES THROUGH CETERA ADVISORS LLC, MEMBER FINRA/SIPC, A BROKER/DEALER AND A REGISTERED INVESTMENT ADVISOR. CETERA IS UNDER SEPARATE OWNERSHIP FROM ANY OTHER NAMED ENTITY. 2123 US HWY 190 W. LIVINGSTON, TX 77351 | (936) 327-7789

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July/August 2024 ESCAPEES Magazine