Getting the Most Out of Your Social Security

Although Social Security & Medicare might be associated with one another, they’re by no means conjoined. A primary misinterpretation is you need to register for Social Security before receiving your Medicare, or vice versa.  Medicare is a health care program regulated by CMS for those above the age of 65 whereas the Administration of Social Security manages the monthly benefits of individuals with disabilities, people collecting benefits of survivorship after losing their partner & eligible retirees.

In addition, the Administration tracks & monitors your work history, which features contributions made towards Medicare Taxes & FICA. In order to enroll in Part A Medicare without having to pay the premiums, a person needs to have worked for a minimum 10 years (equivalent to 40 quarters); or they should be eligible for drawing on work records of their qualifying partner.  Many individuals become eligible for drawing retirement benefits of Social Security once they celebrate their 62nd birthday, even though there might be some reduction in benefits, however, they must draw the benefits when they’re 70. People electing to draw prior to the age of 65 will be eligible for Part A & Part B Medicare auto-enrollment & their premiums will be withdrawn automatically from Social Security.

People may have a number of reasons for delaying their enrollment in Medicare like staying on group insurance for insuring a younger partner, contributing to the HAS account, etc.  Medicare A & Part B disenrollment is also a possibility as long as you use the right form for Social Security, reach out to your Medicare directly, or schedule an appointment with the Social Security office within your area. For avoiding any penalties due to late enrollment; you must ensure the coverage you pick would be considered as “creditable” as per the Medicare standards & the HR department is able to verify this info on your behalf.

For people who’ve elected to delay the benefits of their Social Security Retirement, they need to enroll themselves in Medicare at a suitable period. There’s a seven-month window which starts 90 days prior to a person turns 65 (your birth month included) & ends 90 days your 65th birthday. The period is popularly known as IEP or initial enrollment period. Disabled persons might have other circumstances.  A few individuals who might be considered ‘uneligible’ might only get a single chance for picking the right 2019 Cigna Medicare Supplement Plan. Medicare Advantage and Part D Medicare Prescription Drug plan are only allowed to be changed once per year during Oct to Dec. This is known as AEP or Annual Election Period.