Can A Person Get Medicare At Age 62

Medicare Doesn’t Kick In Until 65

Why retire and collect social security at 62?

Medicare benefits dont start until you turn 65. If you retire at 62, youll need to make sure you can afford health insurance until age 65 when your Medicare benefits begin.

With the Affordable Care Act, you are guaranteed to get coverage even if you have a pre-existing condition. You also can’t be charged more than someone who is healthier. But health insurance pricing can vary by location. Many retirees whose employers paid for their insurance get caught off guard by how expensive it can be.

Also, keep in mind that Medicare does not cover all healthcare costs. Many people purchase additional health coverage to supplement their Medicare benefits. Get quotes on your health insurance costs. Build that expense into your retirement budget.

How Medicare Works If Your Age 62 Spouse Is Still Working And Youre On Medicare

Traditional Medicare includes Part A and Part B . To qualify for Medicare, your spouse must be age 65 or older. If your spouse is age 62 , he or she could only qualify for Medicare by disability.

Hereâs an example of when a younger spouse whoâs not yet on Medicare might help you save money.

Suppose you reach age 65 and qualify for Medicare, but you havenât worked long enough to qualify for premium-free Medicare Part A.
And suppose your younger spouse has worked at least 10 years while paying Medicare taxes. When your spouse turns 62, youâll qualify for premium-free Part A. Your spouse wonât qualify for Medicare until they turn 65, but their work record will help you save money by getting Part A with no monthly premium.

Can I Get Medicare Early If I Retire Early

If you retire earlier than age 65, you will not be eligible for Medicare. Although Medicare is often thought of as insurance for retired people, the Medicare age requirement is still 65. Some people continue to work past age 65 and have insurance coverage through their employer. Many people retire before they turn 65 and must purchase health insurance or are covered on their spouses insurance plan. Although you may be eligible for social security retirement benefits if you retire early, it does not change your age requirement for Medicare health insurance coverage.

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Reason #: Retire Early If Youre Debt Free

Probably the biggest indicator that its really ok to retire early is that your debts are paid off, or theyre very close to it. Debt-free living, financial freedom, or whichever way you choose to refer it, means youve fulfilled all or most of your obligations, and youll be under much less strain in the years ahead.

If youre debt free and your retirement income is in line, theres little reason to continue working if you dont want to. This is the time of life that youve worked hard to reach. So go out there and enjoy it.

NewRetirements Planner is an easy way to help you decide whether you can retire early. It only takes a few minutes, and what youll learn can help you chart your new course.

Some Retiree Health Plans Terminate At Age 65

If youre not yet 65 but are retired and receiving retiree health benefits from your former employer, make sure youre aware of the employers rules regarding Medicare. Some employers dont continue to offer retiree health coverage for former employees once they turn 65, opting instead for retirees to transition to being covered solely by Medicare. Without coverage from your company, youll need Medicare to ensure that you are covered for potential health issues that arise as you age.

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Eligibility Due To Specific Illness

Younger people may qualify if they have ESRD or ALS.

End stage renal diseaseIf a person is living with ESRD, they may also qualify for Medicare before they reach 65. They must:

have received a diagnosis of kidney failure

be getting dialysis or have had a kidney transplant
be eligible to get SSDI benefits

Amyotrophic lateral sclerosisIf a person has ALS and gets SSDI, there is no waiting period. Medicare begins automatically in the first month that their SSDI benefits start.

Can You Get Medicare At Age 62

Retirement is an exciting time in many peoples lives, but in evaluating which benefits to take when, those who leave the workforce may wonder whether they can get Medicare at 62? Theres not a simple yes-or-no answer, but heres what you need to know so you can make a good decision about this benefit. As always, it may also behoove you to discuss your own particular situation with a trusted financial advisor.

What Is Medicare?

Medicare is the network of several healthcare programs that people gain access to in their later years. Medicare Part A is the program that covers in-facility care, including hospital stays, nursing facilities and hospice care, when necessary. Medicare Part B covers 80% of most medical services, including preventative care, outpatient care and medical devices. Medicare Part B also covers some prescription drugs.

In addition to Medicare Parts A and B, there are several supplemental insurance plans that people can purchase. These plans are commonly known as Medigap, which covers the gaps in coverage left by Medicare Parts A and B. Each plan covers different services and equipment. For example, some plans might cover some or all of a persons Medicare deductibles, others might cover some or all their prescription drug costs and still others might have completely different coverage.

Medicare Eligibility Requirements

Can You Get Medicare at Age 62?

Healthcare Alternatives If You Dont Qualify Before 65

Group Retiree Coverage

The Marketplace

COBRA

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Reaching Age 62 Can Affect Your Spouse’s Medicare Premiums

Although reaching age 62 does not qualify you for Medicare, it can carry some significance for your spouse if they receive Medicare benefits.

When one spouse in a couple turns 62 years old, the other spouse who is at least 65 years old may now qualify for premium-free Medicare Part A if they havent yet qualified based on their own work history.

For example, Gerald is 65 years old, but he doesnt qualify for premium-free Part A because he did not work the minimum number of years required for eligibility. He can still receive Medicare Part A, but he will have to pay a monthly premium for it. In 2020, the Medicare Part A premium can be as high as $458 per month.
Lets say Geralds wife, Jessica, reaches age 62 and has worked for the required number of years to qualify for premium-free Part A once she turns 65. Because Jessica is now 62 years old and has met the working requirement, Gerald may now receive premium-free Part A.

In the above example, Jessica has not become eligible for Medicare by turning 62. Her husband Gerald, however, is now eligible to receive his Medicare Part A benefits without paying a monthly premium any longer.

Health Care Options Between Early Retirement And Medicare

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If you plan to retire early, youll need to figure out a plan to pay for health care before you reach Medicare eligibility age. There are a few different options.

If your spouse is still in the workforce, you might be eligible to be covered under their employers health plan if it includes spouses.

You also could opt for COBRA coverage, which allows you to essentially continue using your former employers coverage in some circumstances for a limited amount of time. This option can be expensive since you will have to pay the full premium.

This arrangement may not be sustainable depending on how early you retire since COBRA coverage typically only lasts for 18 to 36 months.

Depending on your financial situation, you may be eligible for Medicaid. Eligibility varies by state, but this is typically an option if you have very little money or income. You also could opt to purchase a private insurance plan.

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Reaching Age 62 Can Affect Your Spouses Medicare Premiums

Although reaching age 62 does not qualify you for Medicare, it can carry some significance for your spouse if they receive Medicare benefits.

For example, Gerald is 65 years old, but he doesnt qualify for premium-free Part A because he did not work the minimum number of years required for eligibility. He can still receive Medicare Part A, but he will have to pay a monthly premium for it. In 2020, the Medicare Part A premium can be as high as $458 per month.
Lets say Geralds wife, Jessica, reaches age 62 and has worked for the required number of years to qualify for premium-free Part A once she turns 65. Because Jessica is now 62 years old and has met the working requirement, Gerald may now receive premium-free Part A.

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Reason #: Retire Early If You Are Ready To Simplify

Living more frugally is not a necessity in retirement, but if you think that you can simplify your spending, then you can probably retire at 62 or earlier if you really want to.

When you retire, you have the opportunity to prioritize what is important to you and let the rest slip away. Prioritization can help you reduce your spending levels. And, this can be incredibly freeing.

Are There Plans To Reduce The Medicare Enrollment Age

Some legislators have proposed measures to lower the Medicare eligibility age. Senator Bernie Sanders wrote a bill that would make all Americans eligible for Medicare in 2019. Representative Pramila Jayapal wrote a similar bill in 2021. Neither bill passed.

When this article was published, no changes had been made to the Medicare eligibility age.

If I Retire At Age 62 Will I Be Eligible For Medicare At That Time

Medicare is federal health insurance for people 65 or older, some younger people with disabilities, and people with end-stage kidney disease. Most commonly, you are eligible for Medicare when you turn 65, but there are other health insurance options if you are younger and do not have coverage through you or your spouses employer.

What you should know

1. The typical age requirement for Medicare is 65, unless you qualify because you have a disability.	2. If you retire before 65, you may be eligible for Social Security benefits starting at age 62, but you are not eligible for Medicare.
3. You have options for health insurance if you are too young for Medicare. You may obtain it through your employer, or you can purchase from private-sector insurance companies through the health insurance exchange. You may be eligible for Medicaid, which is based on income.	4. If you retire before you are 65, you may be eligible for employer-provided group health insurance under the Consolidated Omnibus Budget Reconciliation Act .

Medicare was established in 1965 in order to provide health coverage for seniors who would otherwise not be covered by employer-sponsored health insurance plans. If you retire at the age of 62, you may be eligible for retirement benefits through social security, but early retirement will not make you eligible for Medicare.

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What Are The Typical Age Requirements For Medicare Coverage

The typical Medicare age requirement is 65, or younger if you qualify for disability benefits. In addition to meeting the age requirement of 65, you must also be a U.S. citizen or legal permanent resident before you are eligible for Medicare.

Most people who are 65 qualify for premium-free Medicare Part A because they have worked for at least ten years and have paid Medicare taxes. Medicare Part A helps cover hospitalization, skilled nursing facility, home health care, and hospice costs. If you are not eligible for premium-free Part A because you have not worked and paid Medicare taxes, but are a citizen with permanent residency and are 65, you can pay premiums to have Part A coverage. If your spouse has worked long enough to qualify for premium-free Part A, your Part A premiums will be free after your spouse turns 62.

When you meet the requirements for Part A, you also qualify for Medicare Part B which helps cover medical out patient costs such as doctors visits, urgent care, durable medical equipment , some preventive care, and more. If you have Part B, there is a monthly premium you pay, which is $148.50 for 2021, and an annual deductible of $203.

How Can I Get Medicare At Age 62

To get Medicare at age 62, you must either:

Have a disability on file with the Social Security Administration, and receive disability benefits

Receive a disability diagnosis and notify Social Security so you start receiving benefits

After that, you can start taking steps towards joining Medicare. There are 3 possible scenarios depending on your disability.

Medicare Eligibility For Medicare Advantage Before 65

After youre enrolled in Original Medicare, you may choose to remain with Original Medicare or consider enrollment in a Medicare Advantage plan offered by a private, Medicare-approved insurance company.

Medicare eligibility for Medicare Part C works a little differently. Youre eligible for Medicare Advantage plans if you have Part A and Part B and live in the service area of a Medicare Advantage plan. If you have End Stage Renal Disease , you usually cant enroll in a Medicare Advantage plan, but there may be some exceptions, such as a Medicare Advantage plan offered by the same insurance company as your employer-based health plan, or a Medicare Special Needs Plan .

When you enroll in a Medicare Advantage plan, youre still in the Medicare program and need to pay your monthly Medicare Part B premium and any premium the plan charges. The Medicare Advantage program offers an alternative way of receiving Original Medicare coverage but may offer additional benefits. For example, Original Medicare doesnt include prescription drug coverage or routine dental/vision care, but a Medicare Advantage plan may include these benefits and more. Benefits, availability and plan costs vary among plans.

New To Medicare?

Becoming eligible for Medicare can be daunting. But dont worry, were here to help you understand Medicare in 15 minutes or less.

Having Creditable Drug Coverage

Can I get Medicare at age 62?

Before you officially delay Medicare, make sure you have creditable drug coverage. This means your employer drug coverage is at least as good as the standard Medicare Part D plan coverage. If your employers drug coverage isnt creditable, you will need to enroll in a Part D plan during your Initial Enrollment Period to avoid the Part D late enrollment penalty . Consequently, youll also need to get either Part A or Part B in order to get a Part D plan.

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Can You Get Medicare At 62 Why You May Be Able To Soon

Ever wondered why you cant get Medicare at 62 but you can get Social Security at 62?

You would think that these two critical systems for retirees would be coordinated to the same age of initial eligibility.

Sadly, thats not how the current rules are written. You cant get Medicare at 62 today, but that could change in the near future if a group of lawmakers gets their way.

If I Retire At Age 62 Will I Be Eligible For Medicare

En español | No, you cant qualify for Medicare before age 65 unless you have a disabling medical condition.

People younger than 65 who receive Social Security Disability Insurance benefits can generally get Medicare 24 months after they become eligible for disability benefits. This waiting period is waived for people who have permanent kidney failure, known as end-stage renal disease , or amyotrophic lateral sclerosis , better known as Lou Gehrigs disease.

Everyone else needs to wait until age 65 to become eligible for Medicare, no matter when they retire. You can sign up during your seven-month initial enrollment period , which begins three months before the month you turn 65 and lasts for three months after your birthday month. The coverage begins no earlier than the month you turn 65. If your birthday is on the first of the month, coverage starts at the beginning of the previous month.

Can You Delay Social Security

Many people say that they fear running out of money after they retire. Protect your future income by making a smart choice about when to begin taking Social Security. The program provides inflation-adjusted income for as long as you live, but all future increases are based on your starting benefit. If you wait until your full retirement age or later, you stand to be paid more.

You might not need to start getting benefits as soon as you retire. If you choose to stop working at 62, that doesn’t mean you’ll have to start getting Social Security at 62. You will get a larger monthly payment by waiting until you are older before you collect.

You can also use strategies for married couples to get more out of your joint benefits. Working together to create a plan will help you get more money though time.

Married couples who choose wisely about how and when to collect benefits may jointly receive many thousands more than those who collect early. You can use a Social Security calculator to figure out your best options.

If you have enough saved, you may want to think about using your savings to cover expenses for a while after you retire. That will allow you to delay the start date of your Social Security. Doing so can lock in a higher income amount later, which will help protect you from outliving your money.