Why Always Apply For Social Security Benefits When Turning 65

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Some people make the mistake of not applying for social security benefits when they turn 65 years old.

One reason is that they are still working and do not want to be deducted from their current income and that is understandable.

However, not applying for benefits at the age of 65 can cost a lot of money later.

I was not aware of this and assume that many others are not either.

“Not applying for Medicare when you are turning 65 but at a later age means you will get penalized and have to pay a higher premium for your plan-b.”

Why Apply For Benefits

When you turn 65 you have the right to apply for Social Security benefits. Even if you don’t have the required 40 credits. However, you do not have to apply for social security itself.

But you have to apply for Medicare and if you do not that can cost you. Here is the reason behind that.

For every year you wait after turning 65 you have to pay a 10% penalty. This can add up pretty fast.

At the moment of me writing this the premium for part-b is around 170 dollars a month. 10% is about 17 dollars for every year you wait to apply for part-b of medicare.

You will keep paying this penalty for the rest of the time you will receive medicare.

What To Do When You Turn 65

Always apply for your Medicare benefits when you turn 65 so you don’t have to pay a penalty later. Just tell them that you do not want to apply for social security payments but only for Medicare.

I just read that you can do that 3 months before or after the day you turn 64.

If you are still working or even when you have a side income you will be deducted on your social security until you reach the full retirement age for your date of birth.

You can read this article on the medicare.gov website: https://www.medicare.gov/basics/get-started-with-medicare/sign-up/when-does-medicare-coverage-start

This explains it better than I can probably. I wrote this article because I did not know this and did not apply for Medicare when I turned 65 since I was self-employed and thought you also had to apply for social security at the same time!

I am trying to file a complaint so I don’t have to pay this penalty since I was not informed when I turned 65 of that fact.

Eddie Vandam

Eddie Vandam realized when he was getting older that it was hard to find information about products for seniors and decided to share his experiences here on the website to help others. Read more.

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