The short answer is: yes, you can enroll in Medicare when you turn 65, even if you choose to delay your Social Security benefits until age 67. However, there are some items you’ll need to keep in mind to get it right. Learn more in this article from Senior65.com.
“Retirement” Benefits Explained
The words “Retirement” and “Benefits” can have many meanings and this creates a lot of confusion when it comes to understanding your Medicare, Medigap, and Social Security deadlines. There are 3 main areas some of our clients at Senior65.com get confused by.
1) Retirement from Work
This type of retirement is when you are done working and is typically not age-dependent. You can retire at 47 or 77. Retirement from work will not usually trigger access to Social Security benefits or Medicare. Also, you don’t have to be retired from work to be on Medicare. Your former employer may offer retirement benefits such as a pension but this is different from Social Security retirement benefits or Medicare benefits.
2) Retirement Benefits from Social Security
Social Security retirement benefits replace a percentage of a worker’s pre-retirement income. The amount Social Security pays varies depending on your earnings and when you choose to start benefits. In order to receive the maximum Social Security benefits you must now wait until age 67 (Source). This is considered “full” retirement benefits and it used to take place at age 65 but has been pushed back 2 years.
The age 67 is only important for your social security payments and does not impact when you should enroll in Medicare or Medigap. Remember: Social Security Benefits are payments sent to you to help you pay for expenses in your life but they do not insure you for doctor visits or other health-related costs.
3) Health benefits from Medicare
Medicare is subsidized insurance that helps cover the cost at the doctor and hospital. It is typically available to those over 65 unless you qualify due to certain disabilities. Medicare part A and B usually start the first of the month when you turn 65. This age 65 start time for Medicare has not changed.
When Can You Start Collecting Social Security Benefits?
At one time full social security benefits began at age 65 but according to the Social Security Administration, “For all people born after 1960, age 67 is their full retirement age.”
Social Security offers the option to draw benefits as early as age 62. The penalty for doing so before your full retirement age can be high. If you start receiving Social Security benefits at age 62, your retirement benefit is reduced to 70%, at age 63 to 75%, and at age 64 to 80%. You can check the full table at this link.
Opting to postpone your retirement benefit after reaching full retirement age can increase it by up to 8% annually until age 70. Important! Your benefits will no longer increase if you delay beyond age 70.
So, is Medicare Available at 65 if full Social Security Benefits Begins at 67?
Yes!! Turning 65 opens the door to Medicare health insurance for most people, even if you’re waiting until 67 for full retirement Social Security benefits. Just remember, you’ll need to sign up for Medicare. We strongly suggest that you consider applying for Medicare benefits within three months of your 65th birthday. If you wait longer, your Medicare Part B Medicare and Part D prescription drug coverage may cost you more money. Find all the information you need in our article: “Can I Sign Up For Medicare If I’ve Delayed Social Security?”
To add confusion to this matter, you have to sign up for Medicare at the official social security website www.ssa.gov. You must enroll in Medicare at ssa.gov even if you are delaying getting your Social Security retirement benefits. If you choose to get your Social Security before age 65 you may find that you are automatically enrolled in Medicare Part A and B. You can check your Medicare enrollment status at www.ssa.gov as well.
Next Steps
Once you are enrolled in Medicare you can work with Senior65.com to enroll in a Medicare Supplemental Plan, contact us at 800-930-7956. Get an instant Medigap quote here. Our team at Senior65.com can help you find the right Medigap plan for you.