Did you know that you do not have to be receiving a Social Security payment to enroll in Medicare?
It is easy to get confused because they often do go together. However, it is not necessary. In this blog, we will take a look at how and when Social Security and Medicare go together as well as how and when they don’t. Plus we will give you an idea of what that might mean to you.
When Should I Start Social Security?
Americans can start receiving Social Security payments when they are between ages 62 and 70. How much you will receive depends on exactly what age (year and month) that you are when you choose to start getting Social Security payments.
The age of full retirement depends on the year you were born. For most people, the age is 66. If you aren’t sure, you can check here
The sooner you start your Social Security payments before full retirement age, the less you receive per payment. The longer you wait to start Social Security payments after full retirement age, the more money you will receive in each payment.
If you choose to delay your Social Security Payments, you are still eligible to apply for Medicare at age 65.
When Do I Get Medicare Benefits?
If you enroll in Medicare based on age, you must be 65 years old. You can not enroll early like you can with Social Security. However, people who have certain disabilities may be eligible to apply for Medicare early.
If you opt to get your Social Security early, you still will not be eligible for Medicare until you turn 65 years old.
Medicare Auto-Enrollment
The government assumes that you have retired when you begin taking Social Security payments. Their system will automatically enroll you in Medicare when you turn 65 if you are already receiving Social Security benefits.
When this happens, they enroll you in Medicare Part A and Medicare Part B. They will send you information about the Medicare you will receive as well as your Medicare card through the mail before your birthday.
Do I Have to Enroll in Medicare at 65?
If you have chosen to continue working and postpone receiving Social Security payments, you might wonder if you can postpone receiving Medicare.
In this case, you may want to ask Medicare to postpone your Part B Medicare. You cannot receive Social Security benefits after 65 without Medicare Part A coverage. Don’t worry, Medicare Part A doesn’t cost most people anything, so this shouldn’t be an issue.
If you delay Medicare Part B and Part D because you are still working and therefore covered by your employer, you can add those parts later when you retire.
If you work for an employer with less than 20 employees, Medicare will be the primary insurance, so you should choose to keep both Parts A and B and your employer will be a secondary insurance provider.
Social Security & Medicare Part A
Social Security benefits and Medicare Part A are linked for anyone over 65 years of age. They can not be separated. If you start Social Security you must have Medicare Part A at age 65.
Some people contribute to a health savings account. You can not do this if you receive any part of Medicare. So for some people who contribute to a health savings account and have elected to continue working and postpone receiving Social Security benefits, it may make sense to continue as you are. In this specific case only, it does work to postpone receiving Medicare Part A.
Still Need Medicare Answers?
If you aren’t sure whether or not you should be starting benefits or postponing them, it can be a great idea to speak with a financial planner or a Medicare insurance broker who can help you understand all of the complex Medicare rules and how they apply to you.
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