The Social Security Administration (SSA) allows workers to get retirement benefits as early as 62. However, many seniors prefer to delay retirement until they are 70 to get 24% extra per month.
Others do not want to carry on working until they turn 70, but they still prefer to file when they reach Full Retirement Age. That is 67 if you were born in 1960 or later. In 2024, the Full Retirement Age is 66 years and 8 months. All these American workers should be aware of one thing.
Social Security reminds seniors retirement aged 60-64
If you are close to the age of 65, you should be aware of the fact that you must sign up for Medicare 3 months before your 65th birthday. SSA insists that you should do that even if you are not ready to file for retirement benefits in the USA.
If you would like to file for Social Security at 67, you can do so up to 4 months before the date you would like to start receiving payments. However, to apply for Medicare, you can only do it 3 months in advance.
Some citizens may still not know what Medicare is for. It is the United States’ health insurance program for people aged 65 or older. Bear in mind that you will be able to sign up for Medicare Part A and B through SSA. Withholding any premiums from your benefit payments is possible.
Social Security explains how to sign up for Medicare
If you are 65 years of age or older, it is important to remember that you have the option to conveniently enroll online for both Parts A and B. Alternatively, enrolling solely for Part A can also be done through online means. It is worth noting that certain seniors may choose to postpone their enrollment for Part B due to the coverage provided by their employer’s group health plan.
To initiate the process, simply access the official website of the Social Security Administration (SSA) at https://www.ssa.gov/medicare/sign-up and select the “Apply online” option. It is worth noting that individuals with end-stage renal disease (ESRD) can alternatively contact 800-772-1213 for assistance.
Individuals with ESDR have the opportunity to conveniently submit their Medicare applications online. When contacting the SSA, be sure to inform the representative of your condition. Language barriers are not an issue, as assistance is provided in Spanish and various other languages.
How can individuals with disabilities qualify for Medicare benefits?
Key points on how individuals with disabilities can qualify for Medicare benefits:
- To qualify for Medicare based on disability, you must first receive SSDI for 24 months. You are then automatically enrolled in Medicare Parts A and B starting the 25th month.
- Certain disabilities automatically qualify you for Medicare coverage without the 24-month waiting period:
- Amyotrophic Lateral Sclerosis (ALS): Medicare covers you from the month your SSDI starts.
- End-Stage Renal Disease (ESRD): Medicare can start 3 months after regular dialysis or after a kidney transplant. You must also meet certain work history requirements or be the spouse/child of someone who does.
- To qualify for SSDI, your disability must be a medically-diagnosed physical or mental impairment. It must be expected to last over a year or result in death. It must prevent you from engaging in substantial work.
- Once eligible, you receive the same Medicare benefits and coverage as those who qualify based on age (65+). This includes hospital care, skilled nursing, home health, doctor visits, and other services.
- If you return to work after getting Medicare due to disability, you can keep your coverage for at least 8.5 years as long as you remain medically disabled. You won’t owe Part A premiums during this time.
- At 65, your Medicare benefits will continue. But, the reason for eligibility will change from disability to age.
What are Medicare Part A and Part B, and how do they differ?
Medicare Part A and B are the main parts of Original Medicare. This federal program covers people 65 and older, and some younger individuals with disabilities. Both parts work together for full coverage, but they differ in the services they offer.
Key points about Medicare Part A (Hospital Insurance):
- Covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care.
- Most people don’t pay a premium for Part A if they or their spouse paid Medicare taxes while working.
- Has a deductible of $1,632 per benefit period in 2024 and daily coinsurance for stays over 60 days.
Key points about Medicare Part B (Medical Insurance):
- Covers certain doctors’ services, outpatient care, medical supplies, and preventive services
- It helps pay for services like doctor visits, outpatient therapy, and some prescriptions. It also covers durable medical equipment.
- Has a standard monthly premium of $174.70 in 2024 for most beneficiaries, with higher premiums for those with higher incomes
- Includes an annual deductible of $240 in 2024 and typically 20% coinsurance on covered services
