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  • Writer's pictureGeorge Kolitsas

How Do Social Security And Medicare Work Together?

Social security and Medicare go hand-in-hand for retired Americans. But how do they work together? Here is everything you need to know about each program and how they influence one another.

Medicare Enrollment—What You need to Know

You can enroll in Medicare when you turn 65. It is important to make sure your enrollment is fully taken care of by 3 months after your 65th birthday, otherwise you may be penalized. If you delay your Medicare enrollment and do not qualify for a Special Enrollment Period, you will have a late enrollment penalty added to your premium payments.

How Social Security Influences Medicare Enrollment

With all of these factors in mind, how do social security and Medicare work together? Remember, Medicare eligibility starts at age 65. When your birthday rolls around, you have 3 options—delay enrollment, enroll in Medicare yourself, or be automatically enrolled.

Social security has a role in each of these three options. Let’s say that you retire at 64, and start receiving your social security retirement benefits early. When you turn 65, you will automatically be enrolled in Medicare Parts A and B.

Why? As long as you have received social security retirement benefits for 4 months prior to your 65th birthday, you will be automatically enrolled. You should receive a letter and cards in the mail to let you know. If you are still working and are not receiving social security, you can choose whether or not you want to enroll without a late enrollment penalty.

If you have not received social security benefits before your 65th, you will have to enroll in Medicare yourself. Having social security benefits while receiving Medicare may, however, help you manage your payments.

How Social Security Influences Medicare Costs and Payments

Once enrolled in Medicare and social security, you can choose to have your Medicare premiums automatically deducted from your social security benefits so that you never have to worry about missing a payment.

Manage Your Retirement with Innovative Senior Benefits

Innovative Senior Benefits will help you get everything you need to start retirement right. Call us at 203-217-3366 today to learn more about Medicare.

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