Medicare & Social Security - Understanding Your Options

Are Medicare & Social Security eligibility ages both the same age? Generally not, since your “Full" Social Security retirement benefit age is normally not the same age as when you are eligible for Medicare!

Social Security’s full retirement age is 66 for most baby boomers!* However you will receive a smaller monthly payout if you decide to sign up at a younger age. You can also opt to further delay signing up for Social Security until you are older, in order to qualify for larger monthly payments later in retirement.

In contrast, the Medicare eligibility age remains 65! So, if you want to wait until 66 or later to claim Social Security, you will need to make sure to sign up for Medicare separately at age 65 to avoid penalties later on.

Below is what you need to know about signing up for Medicare before claiming Social Security:

  1. Social Security and Medicare are separate decisions.
  2. Some people are automatically enrolled in Medicare.
  3. Remember to sign up for Medicare on time.
  4. Signing up for Medicare after you missed the Initial Enrollment Period can trigger penalties.
  5. Beneficiaries who work can avoid the Medicare late enrollment penalty.
  6. Be prepared to get a bill.
  7. Don't wait until age 65 to start researching your Medicare options.

*Click on this Social Security Web link to help figure out your exact full retirement age.

Source: Chart below was cut and pasted from the above Social Security web link.

Note: Medicare Insurance information can be overwhelming and confusing to many people. As an independent licensed agent I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose and enroll in a plan that you feel fits your needs.

By the way, it doesn’t cost you any more if you enroll in a Medicare Insurance plan through me as an independent agent versus directly with an insurance company either over the phone or via the Internet, since I get paid by the insurance companies for your enrollment. Plus you will have personalized service by a local agent. If you would like my assistance, please call me at 941-404-5334.

By calling this number, I understand I will be directed to a licensed insurance sales agent.

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews