The Social Security Administration (SSA) provides a lifeline for American workers as they approach retirement. While you can start receiving Social Security benefits as early as age 62, many seniors choose to delay retirement until 70 to maximize their monthly payments by up to 24%.
Others prefer to file for benefits when they reach Full Retirement Age (FRA), which is 67 for those born in 1960 or later. For 2024, the FRA stands at 66 years and 8 months. However, regardless of when you plan to retire, it’s crucial to know your Medicare obligations.
Medicare Sign-Up at 65
If you’re nearing 65, Medicare enrollment should be on your radar. Medicare is the United States’ health insurance program for people aged 65 or older, and you must sign up three months before your 65th birthday—even if you’re not yet ready to claim Social Security benefits. The SSA urges you to do so because delaying your Medicare enrollment could lead to penalties and gaps in your healthcare coverage.
While you can file for Social Security benefits as early as four months before you want to start receiving payments, the timeline for Medicare is slightly different. You can only apply for Medicare three months in advance of your 65th birthday, which ensures your coverage begins as soon as you’re eligible.
What Medicare Covers
Medicare offers a range of healthcare services, and it’s vital to understand what’s included to make the most of your coverage. The program has several parts, with Part A and Part B being the most relevant for new enrollees:
- Part A covers hospital care, skilled nursing facility care, hospice, and some home health services.
- Part B covers outpatient care, preventive services, doctor’s services, and medical supplies.
You can sign up for both Part A and Part B through the SSA’s website. Additionally, if you’re already receiving Social Security benefits, the premiums for these Medicare parts can be automatically deducted from your monthly payments.
How to Sign Up
Enrolling in Medicare is straightforward. If you’re 65 or older, you have two primary options:
- Online Enrollment: You can easily sign up for both Medicare Parts A and B online by visiting the SSA’s official Medicare sign-up page. If you prefer, you can also opt to enroll only in Part A.
- Phone Assistance: If you have specific medical conditions like end-stage renal disease (ESRD) or need help in another language, you can call 800-772-1213 for assistance. This option ensures that all seniors, regardless of their health status or language, can access the coverage they need.
Special Considerations
While most people sign up for both Parts A and B, some seniors might consider delaying their enrollment in Part B. This is often the case if you’re still employed and covered under your employer’s group health plan. However, it’s essential to evaluate your healthcare needs and the costs associated with your employer’s plan compared to Medicare before making this decision.
If you miss the initial Medicare sign-up window, you might face late enrollment penalties. Therefore, understanding these deadlines is critical to avoid unnecessary costs and ensure continuous healthcare coverage.
It’s important to take these steps seriously, as Medicare plays a significant role in ensuring that you have access to the medical care you need during retirement. Planning ahead, especially with the guidance of the SSA, can help you avoid potential pitfalls and ensure a smooth transition into this next phase of life.
When you’re ready, you can start the process by visiting the SSA’s Medicare page or by calling their hotline if you have unique needs or language preferences. Either way, taking the time to know and enroll in Medicare can provide peace of mind as you navigate retirement.
FAQs
When should I sign up for Medicare?
Three months before your 65th birthday, even if you’re delaying retirement.
What does Medicare Part A cover?
It covers hospital stays, hospice, skilled nursing, and some home health services.
Can I delay enrolling in Medicare Part B?
Yes, if you have employer-based health insurance coverage.
How do I enroll in Medicare online?
Visit SSA’s website and click “Apply online” for a straightforward process.
What happens if I miss my Medicare sign-up window?
You may face late enrollment penalties and gaps in coverage.
