Medicare vs. Social Security: In terms of planning for retirement, age 65 is a big deal because that’s when adults can sign up for Medicare. In fact, you can start the process of getting Medicare three months before your 65th birthday.
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You might be thinking about getting Medicare along with Social Security. You are perfectly free to do that. It may or may not be a good idea, though, depending on your situation.
Let’s know whether Medicare and Social Security at the same time is good or not:
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You can wait to sign up for either one until you turn 65
When you turn 65, you can start getting Medicare, but you don’t have to sign up for health insurance at that age.
Medicare might not be the best deal for you if you have group health insurance through your job.
If you’re waiting until after age 65 to sign up for Medicare, make sure that your group health plan gives you a special enrollment time to avoid late enrollment penalties. This is usually the case for plans with 20 or more employees.
On the other hand, you don’t have to sign up for Social Security when you turn 65. Seniors can start getting benefits at age 62, but you shouldn’t feel like you have to file just because your 65th birthday is here.
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If you sign up for Medicare at age 65, your monthly Social Security payments will go down
It can be helpful to sign up for both Medicare and Social Security at the same time, but people who would rather have Medicare coverage may want to wait.
If you apply for benefits at age 65, your monthly payments might go down for good.
People who get Social Security payments can only retire at age 66, or 67 if they were born after 1960.
If you need Social Security when you turn 65, signing up might not be a bad idea.
You can wait for Social Security to keep increasing your monthly income, though, if you’d rather have Medicare.
When you get Social Security, your Medicare Part B premiums are taken out immediately. You can also set up your bank account to make payments automatically.
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