10 Mistakes That Reduce Your Social Security Payments

3. Missing the Medicare application window

Plenty of seniors struggle with the confusing truth regarding when to apply for Social Security and Medicare. Some wrongly assume that the two go hand in hand but while in terms of benefits you can start claiming them before, during, or after your full retirement age, you must apply for Medicare when you turn 65.

Furthermore, your full retirement age might change in the future, which could lead to even more confusion.

So why is it important to not confuse the two and why should you absolutely not miss the enrollment period for Medicare? The reason? Late enrollment penalties, of course.

For every 12 month period you fail to sign up for Medicare coverage your Medicare Part B premiums will rise by 10%. This could lower your Social Security drastically as payments are usually taken from your benefits.

Number 4 is of premium importance if you don’t want to lose money…..

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