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MARY A S | I will be 62 soon. Should I take Social Security now? |
I am supporting a disabled husband and our medical insurance premiums are $600. a month. His medicines ..even with the deductibles from ins.-cost us between $600-$800.-- a month
Additional Details
Thanks everyone for your input.
More details...my husband is on Social Security already. I have been working two jobs and am getting pretty tired and discouraged. Not sure how long my health will hold out at this rate..Any input you can give is helpful. |
 |
 
Franklin
 |
There are at least four things you should consider:
If you take Social Security early, your benefits will permanently reduced.
If you keep working before your regular retirement age, your benefits will be further reduced by $1 for each $2 you earn over a specified limit - The limit was $12,000 in 2005 - and probably is a bit larger now.
You won't be able to get medi-care until you are 65, even if you start collecting social security now.
- Your health - The longer you expect to live, the longer you should wait to take social security, because each year you wait, your benefits will be larger.
See:
http://www.nysscpa.org/cpajournal/2006/606/essentials/p42.htm |
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Charlie
 |
Make an appointment at your local Social Security office. They can run the numbers for you so you will know what you could receive now, and what it would be if you wait 3 years. |
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reinkefj
 |
I'd suggest that you need more and better help than you can get in Yahoo Answers. No disrespect to Yahoo Answers, but you present a complex "opportunity". You didn't say where you were, but if you're in the US, I suggest that you gather information from several sources before making your decision. Off the top of my head, I'd suggest a local church (even if you don't belong, pastors are usually willing to help and know a ton of people). Your local government usually has a senior citizen outreach center (im my town they have a roster of pros that will give free or reduced price help).
I'd be looking for sources of prescription help (drug companies all have special programs), financial planning help (accountants know how to make your money stretch further), and legal help (to ensure you are taking advantage of all your options).
Hope this help. Good luck. |
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Grampy
 |
Mary A S,
The maximum payment you might receive would occur if you waited until you are 66+ years. So, check out what your benefit would be when you turn 62. Then compare that to two things: 1. Would that amount make a big difference in your budget right now? 2. How much more might it be if you were to wait.
Keep in mind that you can elect to start receiving benefits any time after you reach age 62. So you need not put off the decision for 4 or 5 years. You could re-evaluate your situation every six months.
There is also a non-financial consideration. Would your, and your husbands mental health improve dramatically today, if you decide to begin taking benefits? Not everything in life has a price tag. If you can start sleeping nights again with an infusion of monthly income from Social Security, it should make your decision fairly easy.
Last, in many communities around the country, there are resources for seniors to evaluate situations like yours. Also check out AARP and other organizations dedicated to Seniors.
Good Luck,
Grampy |
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taram
|
I would say wait. But if you need the money now... |
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split dog
|
In exactly same situation.
Spouse is on SSI disability.
Some time w/ financial advisor will help you put together a plan using whatever assets you have .
The SS admin website is very helpful.
You can get projections of income for whatever age you intend to draw benefits.
Excellent response by Email from an "actual person" with a name that you can correspond with.
Best regards |
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Zarnev
|
If your husband is on SSI disability he will qualify for Medicare after two years or when he turns 65. He can then get on a Medicare Advantage plan, which will help with the medical premiums (premiums start at $0) and possibly with the medication co-pays.
You will not be able to get on Medicare until you turn 65 so getting on Social Security won't help you with your premiums except for the extra income you'll have. Call the Social Security office and find out your options. Also, talk to a local independent agent if he qualifies for Medicare to find the plan that's best for him. |
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mbrcatz
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If you can at all hang on another three years, you'll be MUCH better off waiting, in the long run.
If he's disabled, he might be eligible for medicare NOW, which would relieve some of the burden, however, I don't think YOU will be eligible for medicare until you're 65. Not sure about that, though. |
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DuSteDShaDoW
 |
When did your husband start his SSI Disability? 24 months (2 years) after he started his SSID, he will be eligible for Medicare benefits, this will put less of a burden on your family, and he will be eligible for Medicare Part D Benefits at the time he starts either Part A or B of medicare.
Depending on your income your husband may be eligible for assistance through the State Medicaid program.
Medicare Part A: Hospital
Medicare Part B: Medical
Medicare Part C: Advantage Plans (Avoid these if you can)
Medicare Part D: Prescription Drug Benefit
If you decide to go with a Medicare Advantage Plan, then most plans have no premium or a very low monthly premium, this may sound very good on the surface, however, keep in mind that he will have out of pocket expenses. And he will have to work within the confinments of that plan, albeit a HMO or PPO Plan.
As per a Medicare Supplement plan, that supplements the benefits under Medicare, and give you the flexibility to go to any Doctor or Hospital, but you will have a monthly premium, and you will have to find an RX plan as well, also with an added premium.
Also, I am assuming that your employer group certificate is covering you both now, if that is the case, then you will both loose that coverage when you retire. As long as the company has 20 or more employees, then you should be made a COBRA offer. Generally your employer pays 85% of your Health Insurance, and you have 15% that you pay through your payroll deductions, when you quit your job, and take COBRA, you will now be paying 102% of the premium, the additional 2% goes to the employer to administer your COBRA Benefits.
If he is on Medicare now, and you didn't mention this, then when you terminate your job, he will lose coverage, this means he has 63 days from the termination date of the prior health insurance to enroll into a Medicare Supplement Plan or Advantage plan with No Medical Underwriting and No Pre-Existing Condition Exclusions. Subject to State Regulations.
If he is starting his Medicare Parts A and B, your State may require underwriters (insurance company's) to offer an open enrollment period for 6 months. Again, No PECE or Underwriting.
If not, he will again be eligible when he turns 65, for he will be in his Federal Open Enrollment Period. 6 months, No PECE or No Underwriting.
There is alot of information here, and I apologize if alot of it may be confusing, if you need help, please feel free to drop me an email. |
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