Social Security Benefits

[Monty2007]

I figured this is the place to get some simple answers without waiting on hold for two hours.
I finally decided I want to begin taking my benefits now at 69. Since I'm still working full time and have health care, I don't need to apply for Medicare. I'll be retiring before I'm 70 next year.
So I logged into my SS account and started to complete the form. I'm probably reading to much into it, but the questions about Medicare have me puzzled. First, I didn't think I had to decide on that now. Then it states do I want Medicare Only but not for "monthly retirement cash benefits". Don't know what the really means but I think I need to answer YES. Then it asks about Part B which I think is a NO.
I've read to many blogs and AI answers to know if I'm doing this right.
Sorry but I have a Penn State education.

 

[dougt24]

you should meet with an expert or someone knowledgeable about medicare. I recommend you take Part B as it covers doctor visits, out patient procedure, etc. But maybe you don't need it until you retire if you have coverage through your employer. You also need to determine if you want a supplemental plan or advantage plan. This is an important decision with timing implications that you should discuss with an expert ... probably someone NOT at the SS office.

Even though I was employed when I reached medicare benefit age, I went on Part A and B as well as a supplement policy and ditched the more expensive employer benefits.

 

[Monty2007]

I understand about the Medicare, but my employer has a great health care plan and it's less than $100 a month. I just wasn't prepared for the Medicare questions when I only wish to begin my SS benefits. I just want to make sure I'm answering correctly so I can pick the right plans some day in the future.
Thanks.

 

[kgilbert78]

I understand about the Medicare, but my employer has a great health care plan and it's less than $100 a month. I just wasn't prepared for the Medicare questions when I only wish to begin my SS benefits. I just want to make sure I'm answering correctly so I can pick the right plans some day in the future.
Thanks.

It depends on if your employer has the right kind of medical plan. Some still require you to sign up and some are exempt. It's a question that needs asked before you turn 65. In my case, we were exempt as we had the right kind of plan. Again, check with (a) a financial advisor and (b) HR at your company (for more info on the health plan vis-a-vis Medicare).

 

[Lion84]

I believe you SS benefits will be reduced by Income and benefits such as Medicare which may be why they are asking that question. If you plan on staying employed might be better to wait on SS until you retire but as mentioned you really need to talk to an expert on this stuff - government website are terrible and as noted don't ask a government employee you will get a different answer from everyone.

 

[Bones80]

Have just retired. You are supposed to sign up for Medicare Part A when you hit 65. That's for hospital emergencies only. You don't pay toward it until you retire. Within 60 days of retirement, you need to sign up for Part B (it replaces your work insurance as the primary medical coverage). You may also need to take a Medicare Advantage plan for drug coverage. Social security can be taken prior to retirement, but you get more (if it doesn't get blown up) if you wait. I started my SS the day I retired. The Medicare expenses are deducted from my SS each month. That way the Gov is sure they are getting your Medicare payments.

 

[Monty2007]

Right. I think the application online assumes one wants to retire. I'm one of the few who are still working with good benefits well past the FRA and now just want to collect my SS payments. Some of its terminology needs further explanation.

 

[BobPSU92]

you should meet with an expert or someone knowledgeable about medicare. I recommend you take Part B as it covers doctor visits, out patient procedure, etc. But maybe you don't need it until you retire if you have coverage through your employer. You also need to determine if you want a supplemental plan or advantage plan. This is an important decision with timing implications that you should discuss with an expert ... probably someone NOT at the SS office.

Even though I was employed when I reached medicare benefit age, I went on Part A and B as well as a supplement policy and ditched the more expensive employer benefits.

And check your zip code for Medicare Part C.

 

[Lion84]

Have just retired. You are supposed to sign up for Medicare Part A when you hit 65. That's for hospital emergencies only. You don't pay toward it until you retire. Within 60 days of retirement, you need to sign up for Part B (it replaces your work insurance as the primary medical coverage). You may also need to take a Medicare Advantage plan for drug coverage. Social security can be taken prior to retirement, but you get more (if it doesn't get blown up) if you wait. I started my SS the day I retired. The Medicare expenses are deducted from my SS each month. That way the Gov is sure they are getting your Medicare payments.

You don't have to sign up for Medicare Part A at 65 IF you are working and have a "qualified" Medical Insurance Plan provided by your employer.

 

[baltimorened]

Right. I think the application online assumes one wants to retire. I'm one of the few who are still working with good benefits well past the FRA and now just want to collect my SS payments. Some of its terminology needs further explanation.

be careful. If you're working there's an offset to your social security payment based on your employment earnings, until age 70 I think.

Also, the head of SS has been saying that wait times on the phone are down to about 9 minutes. So you might give them a try

 

[Catch1lion]

I have private insurance. My local insurance office has a Medicare specialist. I had her talk to my wife and myself and she was able to answer my questions. Maybe you can ask your insurance agency ? Bones80 statement above is a good one. I learned about IRMAA brackets just a few years ago. An extra special benefit awaits if you did well financially.

Medicare Premiums 2025: IRMAA Brackets and Surcharges for Parts B and D

Medicare participants with an income above the threshold must pay a surcharge for Medicare Part B and Part D based on their income.

www.kiplinger.com

 

[kgilbert78]

Have just retired. You are supposed to sign up for Medicare Part A when you hit 65. That's for hospital emergencies only. You don't pay toward it until you retire. Within 60 days of retirement, you need to sign up for Part B (it replaces your work insurance as the primary medical coverage). You may also need to take a Medicare Advantage plan for drug coverage. Social security can be taken prior to retirement, but you get more (if it doesn't get blown up) if you wait. I started my SS the day I retired. The Medicare expenses are deducted from my SS each month. That way the Gov is sure they are getting your Medicare payments.

No, if you have the right company health plan, you do NOT have to sign up for Part A at 65.

 

[StamfordBridgeVikingatLeftOffensiveTackle]

No, if you have the right company health plan, you do NOT have to sign up for Part A at 65.

My current situation. Our HR confirmed that I could delay A & B without penalty.

 

[JoeLion]

Only medicare part b is deducted from your ss benefit. when you are no longer covered by your employer plan you can sign up for b. You may also consider a medi- gap plans, there are several to choose from with deductibles etc to consider.(supplements to a&b plans). For RX you will need a plan d supplement. Medicare advantage plans are available as well, but study and know them well. There are usually medical provider networks required, some prior auth etc as well. It can be confusing. Start planning and studying your options now and make the choice which is best for you and your family.

 

[Catch1lion]

No, if you have the right company health plan, you do NOT have to sign up for Part A at 65.

Medicare Part A Enrollment

ChatGPT helps you get answers, find inspiration, and be more productive.

chatgpt.com

 

[s1uggo72]

be careful. If you're working there's an offset to your social security payment based on your employment earnings, until age 70 I think.

Also, the head of SS has been saying that wait times on the phone are down to about 9 minutes. So you might give them a try

No if u are of normal retirement age you can earn all you want. It does affect how much u pay for Medicare though

 

[Psu-cpa]

I figured this is the place to get some simple answers without waiting on hold for two hours.
I finally decided I want to begin taking my benefits now at 69. Since I'm still working full time and have health care, I don't need to apply for Medicare. I'll be retiring before I'm 70 next year.
So I logged into my SS account and started to complete the form. I'm probably reading to much into it, but the questions about Medicare have me puzzled. First, I didn't think I had to decide on that now. Then it states do I want Medicare Only but not for "monthly retirement cash benefits". Don't know what the really means but I think I need to answer YES. Then it asks about Part B which I think is a NO.
I've read to many blogs and AI answers to know if I'm doing this right.
Sorry but I have a Penn State education.

If you work for a company with less than 20 covered employees, you have to sign up for A and B at 65 as your primary.

 

[IBMLION]

I figured this is the place to get some simple answers without waiting on hold for two hours.
I finally decided I want to begin taking my benefits now at 69. Since I'm still working full time and have health care, I don't need to apply for Medicare. I'll be retiring before I'm 70 next year.
So I logged into my SS account and started to complete the form. I'm probably reading to much into it, but the questions about Medicare have me puzzled. First, I didn't think I had to decide on that now. Then it states do I want Medicare Only but not for "monthly retirement cash benefits". Don't know what the really means but I think I need to answer YES. Then it asks about Part B which I think is a NO.
I've read to many blogs and AI answers to know if I'm doing this right.
Sorry but I have a Penn State education.

You need to take part A which is free but say no to part B as long as you have health insurance

 

[Mstan85]

If nothing else, I think this thread shows you need to talk to an expert. A lot of people here are saying a lot of different things. They may be accurate for their situation, but not yours.

 

[Monty2007]

Reached out to my financial advisor. Was a good source since he also has my wife's info. I'm ok with my assumptions on Yes for A and No for B.
With some of the phrasing of the online questions, wonder how many incorrect applications are submitted.

 

[SleepyLion]

Reached out to my financial advisor. Was a good source since he also has my wife's info. I'm ok with my assumptions on Yes for A and No for B.
With some of the phrasing of the online questions, wonder how many incorrect applications are submitted.

Glad it worked out for you.
I was always told, "getting old is not for wimps." this is just another example.