Ask Terry Questions Medicare payment timing

Medicare payment timing

By Terry Savage on April 29, 2024 | Financial Planning / Retirement

I will be 70 in October. I plan to apply for SS in June to begin my SS in October. Will my 4th quarter Medicare premium be deducted from my SS immediately? Should I make the payment in mid-September when it is due to avoid the risk of losing my Medicare? Would it be better to start SS in September to avoid confusion? Thank you so much for your insight on this matter.

Terry Says

I honestly don’t know when the Medicare deduction will kick in.  But keep in mind that SS pays one month retroactively.  So if your birthday month is October, and you ask them to start when you reach age 70, your first check will come in November.

I’d hate to have a gap in Medicare, so if I were you I would pay the premium for both September AND October to make sure there is no gap!

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