Medicare without Social Security?

[ultrarunner]

Any pros or cons taking Medicare and delaying Social Security until age 70?

One con may be paying out of pocket for supplemental coverages?

 

[Carl_NH]

Depends - you need to enroll in Medicare part a at 65 and as long as you have other insurance you do not need to to take a plan C-D-G or advantage plans.

I've delayed taking SS until 70 and will be still getting income and insurance by the co. Once I fully retire and on medicare, they base your medicare payments on your income, so if you make more than X, you pay the medicare premiums based on your income. From what I have heard, if you make $150K for example and fully on Medicare and a supplement, the premiums could be double that of someone with $75K of income.

 

[EarPlug]

Signing up for Medicare is not mandatory at age 65, as it is a personal choice. However, enrolling during your Initial Enrollment Period (IEP) is often recommended to avoid late enrollment penalties for Part B and potential gaps in coverage. If you or your spouse are still working with qualifying employer health insurance, you can delay enrollment without penalty through a Special Enrollment Period (SEP).

Here is a calculator for when to take SS - https://www.ssa.gov/benefits/calculators/

 

[KennyG]

Basically it's a bet on how long you will live. If you are in good health and don't need the money, wait until 70. If you have a spouse, earned more, and she is younger, wait until 70. At your death she will get your larger benefit no matter when she started taking SS.

 

[ultrarunner]

I’m still fully employed with medical and my mortgage will be retired next year and looking at options…

The plan the folks had with no deductible is no longer offered… at least that is my understanding…

Without a mortgage monthly expenses will be significantly less.

 

[WM75Guy]

I was still working when I hit 65 in 2023. I knew it wouldn't be long before I retired so I went ahead and signed up for the AARP United Healthcare Advantage PPO plan which included a Part D drug plan. It has deductibles and copays. Medicare was primary and my employer plan was secondary. I set up automatic payments for the monthly Medicare premium on the Medicare website. When I started drawing Social Security it automatically switched over to having the premium payments come out of my Social Security check. They will also send you a monthly bill if you like and you can mail in a check.

Traditional Part A is free, the monthly premiums for traditional Part B and Part D are based on income. It depends on the type of Advantage plan on whether or not you have a premium payment, we pay both for our plan. The rates went up slightly for 2026.

I waited a little over a year after retirement till I hit full retirement age, almost 67, to start drawing Social Security. You take a lifetime hit if you start drawing before full retirement age. If you are still working, it doesn't make sense to start drawing Social Security before full retirement age. They penalize your monthly check if you make more than $25,000 a year. After full retirement age, there is no income penalty.

 

[1Mech]

Basically it's a bet on how long you will live. If you are in good health and don't need the money, wait until 70. If you have a spouse, earned more, and she is younger, wait until 70. At your death she will get your larger benefit no matter when she started taking SS.

My full retirement ss age is 66.5, which is also when I retired. I decided to take my ss benefits right away. I and my wife are both in good health, but that can change real quick through no fault of ours. One never knows when a major life threating illness may show up. We hope never, but there are no guarantees in life except death in the end. There is always the possibility of an accidental death too. Everyone leaves home expecting to return, but everyday some don't! I am not trying to be morbid, just the facts of life. My wife retired before me and was receiving a small ss payment, as she wasn't employed for very many years, so when I started receiving benefits, hers increased quite a bit to half of mine, another benefit for us.
My father in law lived well into his 90's, but my father only made it to 71, my mother to 80, and both were quite healthy until near their ends. I am 68 now and enjoying my and my wife's monthly checks, which are quite sufficient for our simple lifestyle! Just our personal choices.

 

[square1]

Signing up for Medicare is not mandatory at age 65, as it is a personal choice. However, enrolling during your Initial Enrollment Period (IEP) is often recommended to avoid late enrollment penalties for Part B and potential gaps in coverage. If you or your spouse are still working with qualifying employer health insurance, you can delay enrollment without penalty through a Special Enrollment Period (SEP).

Here is a calculator for when to take SS - https://www.ssa.gov/benefits/calculators/

^^^ This ^^^
The answer to your question depends on "other" coverages.

 

[Quaffer]

I'm not sure the decisions are linked-- Medicare vs Social Security.

The SS calculations are complex, but typically no matter when you start taking it, around age 84 or so (+/-) you will have drawn the exact same amount of money.

Rising above all the financial wizardry and calculations, I recall a financial expert who specializes in this boil it down this way:

"If you don't need the money from SS to make monthly expenses, start taking it right away. If you do need the money from SS for monthly expenses, avoid taking it for as long as possible."

Seems counter-intuitive but it does make sense-- if you rely on it for monthly expenses it makes sense to make that amount as big as possible each month.

A close friend of our family chose to delay. Regrettably she died from an illness before collection, and I've never forgotten the unfairness of that.

I also think a significant decision, rising about the numbers themselves, is will you enjoy some extra $$ in your life today, or more enjoy it at age 84 on? That was an easy decision for me ... good luck.

 

[Richard]

I'll be 66 soon, still working. Funding a HSA account. Found out that if I signed up for medicare at 65, I am BLOCKED from funding my HSA. I don't understand their logic as to what/why.....but that's what everyone, including SSA told me.

Gal at SSA went on to say since I'm currently employed, currently covered by employers plan, I don't have to sign up for anything. I can keep working, delaying any participations in Medicare.....then, when I retire I simply have to show them proof that I was already covered. This gives me from today to retirement to keep funding HSA.

In a wild dream of mine, I'm hoping to accumulate $100K in my HSA account so I'll have that as 'ammunition' for when I retire. (wife already retired).