Can You Withdraw Your Social Security Benefits Application?
Social Security provides retirement & disability benefits, the latter involving a medical records analysis. There is an option to withdraw your benefits. Medical Record Review 8596 E. 101st Street, Suite H Tulsa, OK 74133
Social Security retirement benefits and disability benefits provide financial support to retired and disabled Americans respectively. Disability benefits are paid to those people who are unable to work due to a medical condition that is included in the Social Security Administration’s (SSA) disability list. To receive the benefits, the impairment has to be established through a detailed medical records analysis. Disability benefits end when you reach full retirement age (66) but are automatically converted into retirement benefits, with the monthly benefits continuing in the same amount. A person filing for social security retirement benefits has to consider the pros and cons of filing at different ages. As providers of medical review services to social security lawyers, we know that it is worthwhile to wait until your full retirement age (FRA) to claim the benefits because this ensures that the monthly payments are not reduced. Why Withdraw Your Benefits? The SSA allows you to claim benefits as early as age 62 though for each month you sign up ahead of your FRA, your monthly benefits get reduced. However, there are occasions when you may want to file early. A common question people ask is whether they can withdraw the social security claim and start again at a later date. But why should they withdraw the claim? Unexpected changes could take place after you make your decision about claiming social security retirement benefits. You may have applied because you needed the money at that point of time and so were willing to accept reduced benefits. Later, you may get a higher-paying job or an inheritance and find yourself in a position when you can afford to wait until you are older and can collect a larger amount. Another reason for resetting your filing choice is when you want to maximize any potential survivor benefit available to be paid to a surviving spouse. The Withdrawal Process The SSA will allow you to withdraw your original application for retirement benefits only once, and only if you have been receiving benefits for less than a year. If you are eligible, you can withdraw your application and file again at a later time, thereby avoiding a long-term reduction in your monthly payments. However, you have to repay all benefits that were paid to you and your family during the period as a result of your application. These include:
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Benefits paid to your spouse or children based on your application, irrespective of whether they are living with you. Anyone who received benefits based on your application must also give their consent in writing to the withdrawal.
Money withheld from your checks including Medicare Part B, Part C, and Part D premiums; voluntary tax withholding (VTW) of federal income taxes for closed tax years.
Garnishments
You could choose to withdraw your Medicare coverage as well, though you don’t have to.
In case you withdraw your Medicare Part A coverage, you will have to repay all Medicare Part A benefits paid on your behalf.
If you withdraw Medicare Part B coverage that you already have, your request will be considered as a voluntary termination. You will receive this coverage for the month you requested the withdrawal and the month after your request. However, if you file for benefits and Medicare at a later point, your Part B premiums could be higher.
Your enrolment in your Medicare Advantage plan (Medicare Part C) will automatically end if you withdraw from Medicare Part A or Part B or both. Moreover, you will no longer be eligible for Medicare Part D (Prescription drug coverage). If you are not enrolled in a Medicare Part D plan and you do not have prescription coverage, you will have to pay a penalty if you enroll in a Medicare prescription drug plan in the future.
TRICARE beneficiaries may lose their coverage if their withdrawal includes Medicare Part A coverage. If you do not withdraw your Medicare Part A coverage, and want to keep your TRICARE coverage, you may have to stay enrolled in Medicare Part B.
People choosing to keep their Medicare coverage that includes Part B as well, will be billed by the CMS for future Part B premiums. If the premiums are not paid on time, they may lose their Part B coverage. If you are not entitled to Medicare, you will not be automatically enrolled when you turn 65. Contact Social Security 3 months before you turn 65 to check about applying for Medicare. If you don’t apply for Medicare when you are 65, you could end up paying a higher premium.
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If you are eligible for railroad or veteran’s benefits, you have to check with the Railroad Retirement Board and the VA (Department of Veterans Affairs) separately about how your withdrawal could affect those benefits. If you are planning to withdraw your application for social security benefits, here’s how to go about it.
Download Social Security Form SSA – 521 from the SSA website and state the reason why you want to withdraw the application on the form. In case you already have Medicare coverage, you must clearly mention whether your Medicare coverage should/should not be included in the withdrawal.
Send the completed form to the SSA. They will inform you of the amount of benefits you need to repay.
The SSA allows you 60 days to cancel an approved withdrawal. Once that period is over, you will lose any possible entitlement for the period covered by your original application.
Suspending Social Security Benefits As mentioned earlier, if you have been receiving social security benefits for more than 12 months, you don’t have the option of withdrawal. An alternative is to suspend your social security benefits upon reaching FRA and accumulate delayed retirement credits until age 70. These credits will increase your benefits so that once you start claiming the benefits again, you will collect a higher amount each month. Suspended benefits will restart automatically when you reach the age of 70. You can also choose to have the benefits re-established at any point before that time. Any other benefits paid based on your work record such as a spousal benefit will also be suspended, and if you are enrolled in Medicare Part B, you will be responsible for paying your own premiums. It is important to give careful consideration when applying for social security benefits, whether retirement benefits or disability benefits. If you file for retirement benefits and then change your mind, there are options you can pursue as discussed above. You have to be knowledgeable regarding the withdrawal process, and here a social security lawyer can be of assistance.
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