If you’re about to turn 65 and would like to get Medigap, this article is for you. While Social Security will make you wait until 67 to receive full retirement benefits, you can still hop on board with Medicare AND Medigap at age 65!
Can I get Medicare at 65 if Social Security Doesn’t Start until 67?
Yes! In fact most people must enroll in Medicare benefits within three months of their 65th birthday. If you wait longer, your Medicare medical insurance (Part B) and prescription drug coverage (Part D) may cost you more money. Bottom line: Most people MUST enroll in Medicare at age 65 unless they have creditable coverage from work or spouse work. (Source: Medicare.gov)
When Can I Sign Up For Medigap?
Medigap is additional insurance that you can purchase from a private insurance company to assist with covering out-of-pocket expenses in Medicare. You MUST be enrolled in Medicare Part A and B to enroll in a Medigap plan. You can first enroll in Medigap within 6 months of your Medicare Part B effective date. During this 6 month period, you are free to choose any Medigap plan—they won’t deny you, delay coverage, or charge extra based on health. Most of our clients start both Medicare and Medigap on the first of the month they turn 65.
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Can I Enroll in Medigap if I’m under 65?
If you are on Medicare before age 65 due to disability, you may still be able to enroll in Medigap. Learn all about it in our state-by-state guide for Medigap Under 65.
If you have already qualified for Medicare, and you are thinking about getting a Medigap plan, feel free to drop a comment/question in the section below or directly call one of our team at 800-930-7956. There is never a charge or hidden fee to work with us at 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. Here is a quick guide.
1) Retirement from Work Explained
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 although, in some cases, work-sponsored coverage will allow you to delay Medicare or Medigap benefits without penalty. Your work 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 Explained
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. You can start Social Security at age 62 but 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.
So Social Security Benefits are payments sent to you to help you pay for things after retirement but do not insure you for doctor visits or other health-related costs. The age 67 is only important for your social security payments and does not impact when you should enroll in Medicare or Medigap.
3) Health benefits from Medicare Explained
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 starts the first of the month when you turn 65. This has not changed so you should sign up for Medicare 3 months before you turn 65 unless you have creditable coverage from work or spouses work.
Can I choose the same Medigap plans at 65 as at 67?
Yes, you can choose the same Medigap plans at 65 as at 67. All Medigap policies follow a standard format. Plans with the same letter provide identical basic benefits, regardless of age, location, or insurer. The only variation is the price. If you’re interested in learning more, you can visit the following link and explore: How Many Medigap Plans Are Available?
Next Step
Medigap overload? Maybe it feels like you’ve learned more than you ever wanted to about Medigap plans. If you are feeling overwhelmed or have a question that wasn’t answered, feel free to comment below or call our Senior65.com team at 800-930-7956.