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by Russell Gloor, AMAC Certified Social Security Advisor
Association of American Mature Citizens
Ask Rusty – Spousal and Medicare Benefits
Dear Rusty, I'll be 65 in March. The husband will be 61 in August. If I started to perceive social security now, could I only accumulate myself? My husband plans to collect at 62 years old. Can I get some of it back when he starts collecting at age 62? Also, who can advise me about Medicare? Do I have to apply now?
Signed: Need a council
Dear need Yes, if you start receiving social security benefits now, you can only receive your own benefits. You can not collect spousal benefits until your husband has started receiving benefits. Whether you will get a spouse's allowance from your husband will depend on whether your allowance at age 66 will be less than half of your husband's benefit at retirement age (or "FRA") .
If your husband turns 61 in 2019, his retirement age for social security purposes is 66 and 8 months and if he starts receiving benefits at age 62, he will be 28.3% lower at the age of retirement. If you start receiving your benefits at age 65, they will be reduced by 6.7% compared to what you would have with your FRA of 66. Your spousal benefit will be based on the amount of your FRA benefits and, if your Husband claims his benefit in August 2020, when he turns 62, you will already have reached your FRA. Thus, if 50% of your husband's FRA benefit amount is greater than the amount of your FRA benefit, you will benefit from a stimulus for your spouse. But since you take your own benefits one year earlier than your FRA, the spousal discount will be added to the amount of your reduction, which means that your total spousal benefit will be slightly less than half of your husband's FRA amount. In summary, you can not receive a spouse's allowance if your husband starts to receive his. you will only receive a spousal benefit if 50% of your husband's ARF benefit is greater than the amount of your FRA benefit; and the amount of your spousal benefit will be slightly lower if you apply for your own benefit one year earlier than your FRA.
With respect to Medicare, the question of whether to apply depends on your current health insurance. If you have "health insurance worthy of the name" coverage from an employer (your own employer or your husband's) that will be maintained after age 65, you do not need to register for Part B or Part D at this time. You need to check with the employer's human resources department to make sure their coverage will remain the first payer now that you are eligible for Medicare. If you do not have a valid coverage, you need to sign up for Medicare now. You are still in your initial enrollment period, which begins three months before the month of your 65s and ends three months after the month of 65 years. If you do not apply within this time and you do not have any other coverage worthy of the name, you will have to be subject to a 10% penalty from Part B (which never goes away) for each year that you delay. If you apply now for your Social Security benefits to start in March, you will automatically be enrolled in Part A (Hospitalization) and Part B of Medicare, but you may choose not to participate in Part B (Physician Services). and outpatient). the application process. However, if you change your mind and decide to wait to claim your social security benefits and you do not have any other valid coverage, you still need to sign up for Medicare during your initial period. to register by contacting your local Social Security office or registering online at www.ssa.gov. The current monthly premium for Medicare Part B is $ 135.50 for a married couple who completes a common income tax return with combined income (all sources) of $ 170,000 or less.
This article is intended for informational purposes only and does not represent legal or financial advice. It presents the opinions and interpretations of the staff of the AMAC Foundation, trained and accredited by the National Social Security Association (NSSA). The NSSA, the AMAC Foundation and its staff are neither affiliated nor endorsed by the Social Security Administration or any other government entity. To ask a question, visit our website amacfoundation.org/programs/social-security-advisory or write to us at [email protected].
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