Social Security and Medicare Enrollment: Important Steps Before Age 65, Know All Details

As you approach retirement age, it’s crucial to understand the steps you need to take regarding Social Security and Medicare.

While you can start receiving Social Security benefits as early as age 62, many choose to wait until their Full Retirement Age (FRA) or even delay until 70 to maximize their benefits.

However, one critical action that everyone nearing 65 should not overlook is enrolling in Medicare. Here’s what you need to know.

Understanding Full Retirement Age and Social Security

Your Full Retirement Age (FRA) depends on your birth year. For those born in 1960 or later, FRA is 67. In 2024, the FRA is 66 years and 8 months.

While you can start claiming Social Security benefits at 62, your monthly payment will be reduced if you do so before reaching your FRA. Conversely, delaying benefits until age 70 can increase your monthly payments by up to 24%.

Many people opt to begin collecting benefits at their FRA to avoid the reductions associated with early retirement. However, regardless of when you plan to start receiving Social Security benefits, there’s one important task you must complete before turning 65: enrolling in Medicare.

Why You Need to Enroll in Medicare Before 65

Medicare is a federal health insurance program primarily for people aged 65 and older. It’s divided into different parts, with Part A covering hospital insurance and Part B covering medical insurance.

Even if you’re not planning to retire or claim Social Security benefits by age 65, you should still sign up for Medicare.

The Enrollment Window

You should enroll in Medicare during your Initial Enrollment Period (IEP), which begins three months before your 65th birthday and ends three months after the month you turn 65.

Failing to enroll during this window can result in late enrollment penalties, which could increase your Medicare Part B premiums for as long as you have coverage.

How to Sign Up for Medicare

The Social Security Administration (SSA) manages Medicare enrollment. You can sign up for Medicare online through the SSA website. Here’s what you need to do:

1. Visit the SSA Website: Go to www.ssa.gov/medicare/sign-up.
2. Apply Online: Click on the “Apply online” button to begin the process. You can enroll in both Medicare Part A (hospital insurance) and Part B (medical insurance) or just Part A if you prefer.
3. Consider Employer Coverage: If you’re still working and covered by an employer’s group health plan, you might want to delay enrolling in Part B. However, make sure you understand how this decision could affect your future Medicare coverage.

If you have a condition like End-Stage Renal Disease (ESRD), special enrollment rules apply.

You can call SSA at 800-772-1213 for assistance, and they offer support in Spanish and other languages.

Preparing for Social Security Benefits at Full Retirement Age

If you plan to start receiving Social Security benefits at your FRA, you can apply for benefits up to four months before you want them to begin.

This is a separate process from Medicare enrollment, so make sure you handle both in a timely manner.

As you approach age 65, ensuring that you enroll in Medicare during your Initial Enrollment Period is essential, even if you plan to delay receiving Social Security benefits until your FRA or later.

By doing so, you can avoid penalties and ensure you have the health coverage you need.

Remember to visit the SSA website to complete your Medicare enrollment, and keep track of the timelines for applying for your Social Security benefits.

FAQs