When to start taking SS?

[MichaelB]

Let me ask a silly question: what happens if you DON'T file for Medicare until some months AFTER you are 65?
Do you get terminated early?

IIRC higher premiums and penalty rates.

 

[REWahoo]

IIRC higher premiums and penalty rates.

+1

Quoting from the "Welcome to Medicare" booklet I got this week...

If you don't keep Part B when you're first eligible, you may have to wait until the General Enrollment period (Jan 1-Mar 31 each year) to sign up and your coverage would start Jul 1 of that year. You may also have to pay a Part B late enrollment penalty.

The penalty is an increase of 10% to the standard premium for each full 12 month period you delay.

 

[JakeBrake]

+1

Quoting from the "Welcome to Medicare" booklet I got this week...
The penalty is an increase of 10% to the standard premium for each full 12 month period you delay.

I guess I'm fortunate that the Megacorp I retired from reminded me many times that I should sign up for Medicare in a timely manner.

after I reached Medicare age, my retiree health insurance became my Medigap insurance. As far as Megacorp is concerned when I reached Medicare age, I had signed up for Medicare and my Megacorp Medigap policy will only pay over and above what Medicare pays. They know to the penny what Medicare will pay for any procedure. Whether or not I actually signed up for Medicare (I did) is of no concern to Megacorp.

 

[rescueme]

Let me ask a silly question: what happens if you DON'T file for Medicare until some months AFTER you are 65?
Do you get terminated early?

If you are willing to pay the 10% per year penalty on your Part B (Part A is covered by your contributions, and no foul if you file later), feel free to do so. Here's the detail:

Medicare after age 65

 

[GregLee]

Not an expert here but I believe you need to file for Medicare 3 months before your 65th b'day.

I don't know what the rule is, but I applied for both SS and Medicare just after my 68th birthday. No problem.

Edit: Looking at the reference rescueme posted, I see that worked because I was still covered by a group policy at work --

However, if you are covered by an employer or union group health plan through you or your spouse's current or active employment, you may qualify for a special enrollment period.

 

[Alan]

Let me ask a silly question: what happens if you DON'T file for Medicare until some months AFTER you are 65?
Do you get terminated early?

IIRC higher premiums and penalty rates.

+1

Quoting from the "Welcome to Medicare" booklet I got this week...
The penalty is an increase of 10% to the standard premium for each full 12 month period you delay.

Good to know. I've just set a reminder in Google Calendar for November 2019 so I don't forget

 

[REWahoo]

Good to know. I've just set a reminder in Google Calendar for November 2019 so I don't forget

One note for you or anyone else who starts taking SS retirement benefits prior to age 65 - no reminder to apply for Medicare is needed. You'll get a packet from the SS folks about 90 days prior to your 65th birthday. In the packet you'll learn you are automatically enrolled in Medicare Parts A & B, are now the proud owner of a Medicare ID Card, your Part B premium will be deducted from your SS check, and have to fill out and return a form if you want to decline coverage.

Not sure what the process is if you aren't already getting benefits when you turn 65, so a reminder 90 days in advance of your b-day is probably a good idea.

 

[Alan]

One note for you or anyone else who starts taking SS retirement benefits prior to age 65 - no reminder to apply for Medicare is needed. You'll get a packet from the SS folks about 90 days prior to your 65th birthday. In the packet you'll learn you are automatically enrolled in Medicare Parts A & B, are now the proud owner of a Medicare ID Card, your Part B premium will be deducted from your SS check, and have to fill out and return a form if you want to decline coverage.

Not sure what the process is if you aren't already getting benefits when you turn 65, so a reminder 90 days in advance of your b-day is probably a good idea.

That's good to know. Currently I plan to take SS at age 70, but hopefully they will send out the Medicare forms anyway.

 

[braumeister]

Not sure what the process is if you aren't already getting benefits when you turn 65, so a reminder 90 days in advance of your b-day is probably a good idea.

That's easy, too. I just did it this year.
Applied for Medicare only (using the SS online application process is quick and easy), but not for benefits. I'm delaying the benefits in order to maximize the take.

They sent me a bill for the first quarter of Part B premiums, which I paid. At the same time, I signed up for their automatic payment scheme, where after the first quarter's premium was used up, they just take each month's premium from my checking account.

 

[W2R]

That's easy, too. I just did it this year.
Applied for Medicare only (using the SS online application process is quick and easy), but not for benefits. I'm delaying the benefits in order to maximize the take.

They sent me a bill for the first quarter of Part B premiums, which I paid. At the same time, I signed up for their automatic payment scheme, where after the first quarter's premium was used up, they just take each month's premium from my checking account.

This is certainly encouraging! Thank you so much for relaying your (positive) experience with applying for Medicare only. Your post alleviates all my concerns about doing this.