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View Diary: Signing up for Medicare (12 comments)

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  •  This happens a lot (1+ / 0-)
    Recommended by:
    chimene

    for everyone who has to sign up for Medicare at 65, but our "normal retirement age" for SS is now 66, and we're advised to wait until 70 if we can manage it.

    They either send a bill or set up direct bank account debit for the premiums, and I think it costs a bit extra due to the hassle. (I'm not quite at 65 yet, so will find out in a year or so how it works.)

    You don't get dropped if you miss a payment, since you're required to be in it. I would assume they take it out of your tax refund or something, or SS when you start getting it.

    •  My Medicare is billed quarterly (1+ / 0-)
      Recommended by:
      Larsstephens

      Part A is paid from the Medicare payroll tax.

      Part B is partly paid by the individual.  It is billed to me quarterly.  I'm assuming that any penalty is added to this billed amount.

      It is wise to defer collecting Social Security until age 70 if that is affordable.  The uncollected benefit amount increases 8% per year each year after the "full" retirement age, 66 for me, up to age 70.  This added amount stays as the base amount for life, including the spouse's spousal benefit.  When the Mrs. reaches her full retirement age I'll "file and suspend" for Social Security--file but not have money sent.  My wife will then collect her spousal benefit.  At my age 70 I'll start collecting.  The Mrs. at her age 70 will stop the spousal benefit and collect her own benefit.  There may be other options based on the couple's ages; do check.  It may mean more money than simply collecting.  

      It is not wise to defer Medicare past age 65 in most cases.

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