You can apply for Social Security benefits in most circumstances at age 62 but will pay a penalty in lower amounts the earlier you do apply. Social Security is slowly increasing the retirement age.
Unless you have been on Social Security for two years, you will become Medicare Eligible at age 65. If you choose to enroll in Medicare at age 65, you can use this link to enroll in Medicare and not have to take Social Security.
If you are going to continue to be covered under yours or a spouse's health insurance you may just need to enroll in Part A only. This will save you money, Part A is free for someone provided they have worked 10 quarters in the lifetime in a job that has taken out taxes. There are certain things to be aware of, so please give us a call and we will go over everything to ensure you are in the best situation for you.
If you have delayed Part B and are interested in getting Part B started here is the form to do so.
Medicare determines your Part B premium by using your income from two years prior. Most people do not have to pay anything extra, but if your income is above a certain amount then you will have to address Aunt IRMAA. This is the additional amount Medicare charges ontop of Part B and an additional charge on Part D as well. Please see the chart below to see what your premium will be.
Should you have a drastic change in your income, i.e. retirement or loss of income, you can file an appeal to see if they will reduce or waive your IRMAA. Here is the form to appeal their decision. Just click to open.
If you have any questions, please feel free to contact us!
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