Medicare Enrollment Can Be Impacted By Social Security Benefits
Depending on your situation, you with either need to enroll in Medicare at age 65 or you may be able to delay. If you continue to work past age 65 and have creditable employer coverage (or you have creditable employer coverage through a spouse), you can likely delay enrolling in Medicare until you lose that employer coverage. In most cases, people turning 65 will need to get Medicare during their 7-month Initial Enrollment Period (IEP) to avoid financial penalties for enrolling late. Your IEP begins 3 months before the month of your 65th birthday and ends 3 months after.
Social Security benefits fit in the Medicare enrollment journey in one special way. If you are receiving either Social Security benefits for retirement or for disability, or Railroad Retirement Board benefits, you will be automatically enrolled in Medicare Part A and Part B when you first become eligible.
How Social Security Helps Pay for Medicare
In addition to automatically enrolling you in Medicare, if you are receiving Social Security or Railroad Retirement Board (RRB) benefits, your Medicare Part B premium will be automatically deducted from your monthly benefit payment.
If you are not receiving Social Security or Railroad Retirement Board (RRB) benefits yet, you will get a bill called a “Notice of Medicare Premium Payment Due” (CMS-500). Bills can be paid for by check or money order, a credit or debit card, or through online bill pay services.
In conclusion, as you’re starting to think about Medicare and retirement, do some research and make sure you understand how your Social Security benefits can or will play a role.