Social Security Checks Can Drop at 65 as Medicare Part B Premiums Kick In
Updated
Updated · The Globe and Mail · May 26
Social Security Checks Can Drop at 65 as Medicare Part B Premiums Kick In
3 articles · Updated · The Globe and Mail · May 26
Age 65 can bring a sudden cut in monthly Social Security checks for people who claimed benefits early, because Medicare enrollment generally starts automatically once they become eligible.
Part B premiums are then deducted directly from those benefits, reducing the payment amount even if the recipient did not actively sign up for that coverage.
Workers still covered by their own or a spouse’s employer health plan can avoid that deduction by opting out of Part B through the Social Security Administration, typically using instructions in Medicare’s welcome packet.
Part A usually cannot be declined through this process but is free for most enrollees, while delaying Part B without qualifying group coverage can trigger late-enrollment surcharges if the employer plan covers fewer than 20 people.
Still working at 65? One form could save you from paying for Medicare you do not even need.
Why does a Medicare enrollment mistake at 65 lead to a permanent penalty on your monthly bill?