Social
Security
benefits
include
both
retirement and disability benefits, the latter involving medical record retrieval and review to determine disability. Is it advisable to claim
social
security
and
Medicare
concurrently?
Should You Start Claiming Social Security and Medicare Concurrently?
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Social security and Medicare are two key programs workers in the United States utilize to pay their bills and ensure appropriate healthcare in retirement. Social Security benefits include both retirement and disability benefits, the latter involving medical record retrieval and review to determine disability. A doubt many workers on the verge of retirement have is whether it is advantageous to sign up for both programs simultaneously. An important thing to understand is that the eligibility for these programs begins at different times. You are eligible for Medicare coverage when you turn 65, and you can enroll for this up to three months before the month of your 65th birthday. On the other hand, Social Security eligibility kicks in at age 62. Today, you may decide to begin collecting Social Security benefits at 62 or wait to claim it when you turn 70, or decide to start collecting at age 66 (which is the full retirement age currently). The Medicare coverage for those who have not been on Social Security is still 65, and many Medicare qualifiers are still working today. Typically, seniors are advised to wait until they reach their full retirement age to claim social security because that is the age at which you are entitled to your monthly benefits in full. If you choose to claim ahead of your full retirement age, it would result in a reduction in monthly payments. Here are some important considerations. ➢ For today’s workers, the full retirement age for Social Security purposes is based on their year of birth, and could be 66, 67, or 66 and a certain number of months. And, your Medicare eligibility begins at 65. So, if you sign up for Medicare and Social Security simultaneously, you are claiming benefits before your full retirement age and this could lower your benefits by around 6.67% to 13.34%, depending on your full retirement age. ➢ If you want to retire at age 65, it is easier to coordinate Medicare and Social Security benefits. The SSA (Social Security Administration) handles the sign-up formalities for both these programs and only a single application is needed to file for both the benefits. ➢ If you are already collecting Social Security benefits by the time you turn 65, you will automatically become enrolled in Medicare. o
Medicare will automatically enroll you in Part A hospital coverage and Part B medical coverage beginning on the first day of the month that you turn 65. You
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will get an enrollment package typically 3 months before your 65th birthday, which will include your Medicare card and some basic information. o
If you don’t want to enroll in Part B, or if you want to add prescription drug coverage under Medicare Part D, or you wish to buy a Medicare supplemental insurance policy, you will have to take further action.
➢ If you are delaying claiming Social Security benefits until age 70, the SSA would allow you to apply online just to receive Medicare benefits at age 65. o
This will meet the requirements for obtaining Medicare coverage within the appropriate enrollment period without the risk of penalties that could arise if you miss the deadline.
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Once this is done, you can apply for retirement or spousal Social Security benefits based on your time schedule.
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This will allow you to take advantage of delayed retirement credits on your Social Security retirement benefits, and get an 8% increase in your monthly check per year beyond your full retirement age. This later application process is not automatic as it is with Medicare. However, you benefit from financial flexibility that will help you customize your retirement planning in keeping with your particular needs.
As providers of medical review solutions for social security lawyers, we understand that the question “Is there any advantage in signing up for both social security and Medicare simultaneously?” is one that lawyers frequently hear. Lawyers may typically advise their clients that the benefit in applying for both benefits at the same time is that applicants get to save some time in the process. A person, who has reached age 65 and is eligible for both programs, can apply for both programs on a single application. Apart from that, there is no special advantage in enrolling simultaneously for Medicare and Social Security if one doesn’t need his/her Social Security income immediately. Delaying Social Security benefits until age 70 will be financially advantageous as mentioned earlier.
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