Are you confused about Social Security benefits versus Medicare benefits? Well, you're not alone. A lot of people confuse those two things, and we're going to explain what you need to know in the next minute.
A person can receive a Social Security benefit check as early as age 62. However, they will receive less than 100% of their Social Security benefit.
Both programs are administered by the Social Security administration, and you sign up for both programs.
Medicare, on the other hand, is the federal health insurance plan for folks 65 and older. A person can receive Medicare sooner than age 65 through certain disabilities.
It's important to keep in mind that Social Security benefits and Medicare benefits are separate from one another. A person can have Social Security benefits without having Medicare. And a person can have Medicare without having Social Security. If a person receives their Social Security benefits prior to age 65, then at age 65, their Medicare will automatically begin the first day of the month on their 65th birthday.
If you have further questions revolving around Social Security benefits versus Medicare benefits, give us a call.
Because of the close relationship between Medicare and Social Security, people often get these two programs confused. Although there are connections between Medicare and Social Security, they are actually two separate government programs.
Medicare: Government-funded health coverage for people over the age of 65, those with certain chronic disabilities, and individuals with End Stage Renal Disease.
Social Security: A government pension for people over the age of 62 and those with chronic disabilities.
Many recipients of Medicare are also eligible to receive Social Security benefits and vice versa. In addition to eligibility, there are a few other ways that Medicare and Social Security overlap.
Both programs require your initial enrollment to be done through the Social Security Administration. When you first enroll in a Medicare plan or if you need to defer your Medicare coverage (for example, to go back on an employer plan), you would do so through the Social Security Administration.
Social Security pension amounts are factored into annual Medicare premium increases. The most common payment method for the Part B premium is through automatic deductions from a Social Security pension.
If an individual collects Social Security Disability (SSD) benefits, they become eligible for and are automatically enrolled in Medicare. Similarly, if a person is collecting Social Security when they turn 65, they are automatically enrolled in Medicare (they have the option to defer Medicare if they have other coverage).
Medicare offers multiple levels of assistance to those on Medicare. These programs help cover expenses such as premiums and prescription costs. Applicants must contact the Social Security Administration in order to apply.
If you are not a RetireMed client yet and have questions about Medicare or need coverage before Medicare, please call us at 937.915.3563 to get started, or
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