Medicare and Social Security benefits have different enrollment ages. SSA allows workers to apply for retirement benefits at 62. However, the Full Retirement Age is no longer 65, and it could be 67 years old if you were born in 1960 or later. American workers are usually eligible for Medicare benefits at age 65. Therefore, you may get first retirement benefits at 62 and Medicare at 65.
In general, most workers sign up for hospital insurance (Part A) and medical insurance (Part B) when they are first eligible. That’s when they become 65 years old. Some people may not know that if you do not file for Medicare when it is required, there could be late enrollment penalties and gaps in coverage. Here’s what you need to know to avoid both of them.
On Social Security benefits & Medicare
According to SSA, you will be automatically enrolled in Part A if you are age 65 or older and you are receiving Social Security benefits. What is more, Medicare coverage can start up to six months before you apply, but not before the 1st month you are eligible for.
American workers who contribute to an HSA (Health Savings Account) while covered by Medicare may receive a tax penalty. For your information, if you are already covered through an employer group health plan, then, it may make sense to sign up for Medicare later or simply delay Part B.
The Social Security Administration reminds citizens that there are 3 main enrollment periods. The first one is when you become 65 years old. The second, after 65, and you have been covered by an employer group health plan. The third period may involve penalties. It is when you miss the other periods.
Social Security tool to know when to sign up for Medicare
Before you turn 65, you should check when the “Initital Enrollment Period” is. The main advantage of this period is that there are no penalties. To know when you must enroll, all you have to do is enter your birth date.
SSA’s official website for Medicare-related information and the tool to know when to sign up is available at: https://www.ssa.gov/medicare/plan/when-to-sign-up.
For example, if you were born on May 16, 1960, you must enroll between February 1, 2025, and August 31, 2025. If your birth date was May 16, 1959, your enrollment period has passed. So you will need to apply for it during one of the other periods.
