I was receiving social security benefits, but then graduated from nursing school at 63, December 2017. I called social security, and voluntarily suspended my benefits unlike I've read you can do. I explained how much I was making and they acted like I was going to have to pay back what I collected in 2018. I never heard back. I did apply for withdrawing my benefits but couldn't afford to pay back the benefits I had received. I plan to work until at least 70-73 years old. I will be eligible for Medicare this year but receive medical benefits through my job. Since I am technically collecting benefits even though they are suspended, how will Medicare work in my case? Thank you!
Hi,
You'll be automatically enrolled in parts A & B of Medicare unless you choose to decline part B. Part B of Medicare is optional and you must pay a monthly premium in order to have the coverage. The standard monthly part B premium in 2019 is $135.50, although premium amounts can vary depending on a person's income (https://www.cms.gov/newsroom/fact-sheets/2019-medicare-parts-b-premiums-...). Part A coverage will be mandatory when you reach age 65, but you won't be required to pay a premium for that coverage.
If you don't decline part B coverage and your Social Security benefits are in suspense, you will be billed for your part B premiums on a quarterly basis. Once you resume receiving benefits, your part B premiums will start being deducted from your monthly Social Security payments and the quarterly billings will stop.
If you are still working when you reach age 65 and have health coverage through an employer group health plan (EGHP) that covers at least 20 employees, you could choose to decline the optional part B coverage and instead enroll when you stop working or are no longer covered by your EGHP. There would be no late filing penalty as long as you enroll before or within 8 months after your EGHP coverage as an active employee ends.
For more information on Medicare, refer to the following publication: https://www.ssa.gov/pubs/EN-05-10043.pdf.
Best, Jerry
