While both Medicare and Social Security do have their differences regarding the benefits and services they provide, they also have some striking similarities. Both are national programs within the federal government that U.S. citizens pay taxes for through their working years. Both programs also aid seniors by providing benefits: Medicare offers medical coverage, and Social Security offers financial support.
So, besides being similar, how do the two programs work together?
You are required to go through the Social Security Administration when you begin enrolling for Medicare or Social Security. You can apply for Medicare through the Social Security Administration’s website by filling out an online retirement application and signing up only for Medicare. To apply for Social Security benefits, you can apply online through the Social Security Administration, give them a call, or visit a local Social Security office.
You can also be automatically enrolled in Original Medicare and get premium-free Medicare Part A if you receive Social Security benefits.
Costs of Medicare
The amount you pay for your premiums with Medicare is also tied in with Social Security. Many people may not have to pay a premium for Part A. However, payment for the Part B premium is still necessary, and is based on your adjusted gross income. When determining what you owe for Medicare, Social Security will look at your income listed on your tax returns from two years ago.
If you are enrolled in both Medicare and Social Security, then the premiums you have for Medicare can usually be taken out of your Social Security.
If you find that your Medicare costs are becoming too much, you can be eligible for extra assistance from programs such as the Extra Help or Medicare Savings Programs. You can apply for the Extra Help Program through Social Security and begin applying for the Medicare Savings Program once you finish the Extra Help application. Social Security will send your state the information you have listed on the application.
The Extra Help Program will help pay for the costs related to your Medicare prescription drug plan. The Medicare Savings Program will cover costs like your Part B premium.
Questions or concerns?
At Bobby Brock Insurance, our well-trained and experienced agents are here to give you the answers you need. We can help you compare costs of plans, estimate your savings, and help you with the enrollment process, so give us a call at 662-844-3300.