May 8, 2021
The question that I chose this week is, “Do I have to begin drawing my Social Security in order to be on Medicare?”
The person that asked this question wanted to wait to draw their Social Security until the start of 2022, in order to increase their monthly Social Security payment. That is a great question. While I cannot give advice about when to draw Social Security, the answer is, no, you do not have to be drawing your Social Security already to be on Medicare part A and B. You can even be on an advantage plan or a medical supplement (medigap plan) before you begin drawing Social Security.
This goes right back to what I mean when I say that your Medicare choice of what type of plan to go with is not a one-size fits all approach. For one person, taking their Social Security at 65 may be the right choice, but for another maybe they should wait. Or to further answer the question, starting to draw your Social Security is not a requirement to get your Medicare. For most people though, you should sign up for Medicare as soon as it is possible for you to do so as long as you don’t have other insurance such as group coverage. One person may be able to wait until far past 65 to start drawing their Social Security, so they continue to grow their overall benefit that will be paid vs someone else may need to draw the very first day they are eligible. Medicare part B payments are usually deducted from your Social Security check each month. But, if you haven’t signed up to receive your benefits when you sign up for Medicare part B, you will have to make your payment some other way. But for some, that would certainly be worth the hassle in order to have larger Social Security payments for the rest of their life, as they continue to build more credits.
What is your question? Don’t hesitate to reach out and ask. I bet someone else is wondering the same thing you are.
I hope that you are loving this fantastic spring weather. Until next week, stay safe and stay informed.
Licensed Sales Representative