When must I apply for Medicare and Social Security?
I will be 70 in August, 2021. I am currently employed as an Executive with a mid-size company in which I have ownership, and I am enrolled in my Company’s very good medical insurance plan. I have been contributing to my HSA, but understand that once I am enrolled in Medicare I may no longer do so. I plan to continue working at least 4 more years. When am I required to enroll in Medicare? When must I apply for Social Security benefits?
Terry Says
This is interesting. If your company employs fewer than 20 people, you should have signed up already. For those smaller companies, Medicare becomes the primary payer. But assuming it is a large company, and you have comparable coverage, there is no penalty for signing up for Medicare Part B later than your age of eligibility.
But yours is a bit of a complicated and unique situation, and I urge you to contact the terrific Medicare advisor, Diane Omdahl at www.65incorporated.com so she can look at the specifics of your current coverage and give you personalized advice. You’ll pay a small fee, but it could save you a fortune if she helps you made a good decision.
As far as Social Security, you’re in a great position to wait until the last possible time to sign up to receive benefits — age 70. Sign up within 3 months of your birthday, no sense in waiting longer. You get the max check.
