Signing Up for Medicare & Social Security at the Same Time. Should you?

The answer to whether one should sign up for Social Security and Medicare together at age 65 is a hard, “it depends.”  Medicare Part B premiums can be deducted from Social Security benefits, and that ease and peace of mind is important to some people.  Further, there is a “hold harmless” provision that prohibits Social Security checks from decreasing, even when Medicare premium hikes exceed any Social Security cost of living increase.  Medicare enrollees who aren’t on Social Security miss out on this protection and are forced to absorb the full cost of any Part B premium increases.  Still, those two reasons alone don’t necessarily make it worthwhile to claim Social Security sooner rather than later.  Full retirement age is now 66 or 67 depending on one’s birth year, and benefits can be deferred until age 70.  The higher benefit from waiting each year yields 6.67% to 8%.  So unless one’s health is poor and or one needs the money at age 65, waiting could prove more financially lucrative.  Read full piece by Maurie Backman here.

The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security.  The service provides guidance in understanding the complexities of the program and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options.  Learn more about this service via the Foundation’s website.

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