Social Security & Medicare Facts

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You have a 7-month window around your 65th birthday to sign up for Medicare Part A, but signing up in the three months before your birthday ensures coverage will start in your birth month. The Medicare initial enrollment period is from January 1 to March 31 each year, with coverage starting July 1.

2018 Social Security and Medicare Factsheet

From October 15 through December 7 of each year, you can change your supplement and drug plans for the following year. And there is an eight-month special enrollment period for Medicare Part B, which begins when you lose your job.

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You need a supplemental policy — unless you opt for the all-inclusive Medicare Advantage plan, which restricts providers. Search for a supplemental policy at Medicare. Signing up within six months of enrolling in Part B means you cannot be turned down for the best supplement policies for health reasons. This is but a start on what you need to know.

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You have to pay a premium to participate. A maximum of four quarters can be awarded for any calendar year, and it makes no difference when the income is earned during that year. The older the individual, the more quarters are required. Remember the above quoted numbers for quarters of coverage to become fully insured are only minimum amounts.

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This concept is often misunderstood. The amount of earnings required to use a trial work month is based not upon the earnings limit for blind beneficiaries, but rather upon the national average wage index. If you are self-employed, you can also use a trial work month if you work more than eighty hours in your business, and this limitation will not change unless expressly adjusted. Remember this is not the TWP amount. See the above information about the TWP. The CPI-W indicated an inflationary rate of 2.

Thus, there is a corresponding COLA increase in and an increase in monthly benefit amounts.

Signed on December 19, , the ABLE Act will have a significant impact on resource limits associated with the SSI and Medicaid programs for those who were blind or disabled by the age of twenty-six. ABLE Account contributions must be designated specifically for purposes such as education, housing with a cautionary warning to follow , employment training and support, assistive technology, health, prevention and wellness, financial management, legal fees, and funeral and burial expenses. The required implementing regulations are being enacted in most states.

Check with your financial institution of choice for a status of ABLE Act regulations in a specific state.

How Social Security Disability and Medicare Benefits Work Together

The coinsurance amount is the hospital charge to a Medicare beneficiary for any hospital stay. Each Medicare beneficiary has sixty lifetime reserve days that may be used after a ninety-day benefit period has ended. Once used, these reserve days are no longer available after any benefit period. Part A of Medicare pays all covered charges for services in a skilled nursing facility for the first twenty days following a three-day in-hospital stay within a benefit period.

Social Security is running out of money, with benefits on track to be reduced by - ABC News

Those who become ineligible for SSDI can continue to receive Medicare Part A coverage premium-free for at least ninety-three months after the end of a trial work period. After that time the individual may purchase Part A coverage. For those receiving Social Security benefits, this premium payment is deducted from your monthly benefit check. Individuals who remain eligible for Medicare but are not receiving Social Security benefits due to work activity must directly pay the Part B premium quarterly—one payment every three months. Like the Part A premiums mentioned above, Part B is also available for at least ninety-three months following the trial work period, assuming an individual wishes to have it and, when not receiving SSDI, continues to make quarterly premium payments.

We will discuss three of them here and leave the fourth one alone because to qualify for it each year you must already be on it, and you know who you are.

Note: the amounts below may change in