Ask Larry

What Will I Receive When They Start Taking Out For Medicare?

I'll be 62 in a week.i receive ssa.disability.i received letter say I can get Medicare A ,B.and they will take money beggining in sept of 2021.and i will receive a check of 1250.00 .minus deductible.are they cutting my ssa benefits.or wi I receive both

Hi. You can't be paid both Social Security disability (SSDI) benefits and Social Security retirement benefits at the same time. SSDI benefits are calculated at 100% of your primary insurance amount (PIA), which is equivalent to the amount you'd receive if you wait until full retirement age (FRA) to collect your retirement benefits. Switching from SSDI to retirement benefits at age 62 would only reduce your benefit rate unless your SSDI benefits are being offset because you receive workers compensation or a public disability benefits.

You won't have to pay a monthly premium for Part A of Medicare, but assuming that you want Part B coverage you must pay a monthly premium. Part B premiums are withheld from a person's Social Security benefit, so it sounds like your SSDI payment amount will go down by the amount of your Part B premium. The minimum monthly Part B premium amount in 2021 is $148.50, but some people pay a higher rate if they have relatively high incomes (https://www.medicare.gov/your-medicare-costs/part-b-costs).

Best, Jerry

Best, Jerry

Category: 
Posted: 
Aug 13 2021 - 12:35pm
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.