Medicare's Hidden Gem: Unlocking Social Security's Power
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- 1.1. Medicare's Hidden Gem: Unlocking Social Security's Power
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Medicare's Hidden Gem: Unlocking Social Security's Power
Medicare, a federal health insurance program for Americans aged 65 and older, offers a hidden gem that can significantly boost your Social Security benefits. This little-known strategy involves coordinating your Medicare enrollment with your Social Security claiming decision.
When you reach age 65, you have the option to claim Social Security retirement benefits. However, if you continue working and delay claiming, your benefits will grow by 8% per year, up to a maximum of 32%. This is known as delayed retirement credits.
Here's where Medicare comes in. If you enroll in Medicare Part A (hospital insurance) before claiming Social Security, you will automatically receive delayed retirement credits, even if you continue working. This is because Medicare Part A is considered a deemed filing for Social Security purposes.
By enrolling in Medicare Part A early, you can effectively lock in your delayed retirement credits without having to actually claim Social Security. This allows you to continue working and earning a higher salary while your Social Security benefits continue to grow.
Once you reach your desired retirement age, you can then claim Social Security and receive the full benefit of your delayed retirement credits. This strategy can result in a substantial increase in your monthly Social Security payments.
To take advantage of this hidden gem, it's important to enroll in Medicare Part A as soon as you are eligible, even if you don't plan to use it right away. You can enroll online at the Social Security website or by calling 1-800-772-1213.
By coordinating your Medicare enrollment with your Social Security claiming decision, you can unlock the power of delayed retirement credits and maximize your Social Security benefits.
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