Social Security & Medicare, signing up for both

People become eligible for Medicare at the age of 65 and often claim it around the time they claim Social Security.

But, is it a good idea to claim both at the same time?

If you are planning to retire and aren’t married to someone with a group plan, Medicare might be your best option.

Failing to enroll in full coverage could result in surcharges on your Medicare Part B premiums.

Social Security: 4 helpful tools to help manage benefits

Some people want to sign up for their Social Security at the same time, but it may not be the best idea.

Why you may want to wait to sign up for Social Security after Medicare

Medicare eligibility starts at age 65.

Whether you sign up or not depends on if you still have coverage past that age.

For Social Security, the youngest you can claim in age 62.

SSI, SSDI benefit payments for March

While it may be tempting, you can see a drop of up to 30% in your benefits by filing that early.

If you wait until your full retirement age, which is 66 or 67, you will see 100% of your benefits.

If you wait until 70, you’ll see the most when it comes to your benefits.

Medicare and assisted living explained

Signing up for both at the same time will result in your Medicare Part B premiums being taken directly from your Social Security pay.

If you do not sign up for both, you’ll just pay the premiums yourself.