A question we frequently get is, “if I join Medicare, am I required to join Social Security too?”
This is an important question because while there is a relationship between Medicare and Social Security, they are independent programs and have different rules.
Here are the two key things to know about how Medicare and Social Security work together.
First, if you are drawing Social Security 4-months before your 65th you will be automatically enrolled in Medicare Part A and Part B. Therefore if you are drawing Social Security you are required to be on Medicare.
Second, if you join Medicare, you aren’t required to start drawing Social Security. This is where Medicare and Social Security are completely independent decisions.
People join Medicare for health and employer reasons, while people draw Social Security for financial reasons.
Social Security is a critical decision and for that reason you don’t have to draw even if you are on Medicare.
Your Social Security decision depends on many factors including
- Do you need the money?
- Are you better off delaying your Social Security until you reach your full or maximum benefit?
- Should you draw on your spouses Social Security?
- What are your financial goals and plans?
Therefore, please don’t assume you need to sign up for Social Security when you join Medicare.
Do the necessary research to ensure you are making the right decision to fit your financial situation.
