Social Security at 62 vs. Medicare at 65: How the Timing Works

Full Retirement Age

For people born in 1960 or later:

Age 67

Age 70

Social Security delayed retirement credits stop increasing retirement benefits after age 70.

If You Claim Social Security at 62

Your Social Security retirement benefit is permanently reduced compared with waiting until full retirement age.

But you still generally need to arrange health insurance until:

Age 65

Medicare doesn’t begin simply because Social Security retirement benefits have started.

The Three-Year Health Insurance Gap

Someone retiring and claiming Social Security at 62 may need health coverage for approximately:

Three years

before Medicare eligibility.

Possible sources could include:

• Spouse’s employer insurance
• Former employer retiree coverage
• COBRA for a limited period
• Affordable Care Act Marketplace coverage
• Other private insurance

What Happens at 65?

If you’ve been receiving Social Security retirement benefits sufficiently before turning 65, Medicare generally automatically enrolls you in:

Part A

and:

Part B

when eligible.

Medicare says people receiving Social Security retirement benefits at least four months before turning 65 are generally automatically enrolled.

Can You Wait for Social Security But Start Medicare?

Absolutely.

You could:

Start Medicare at 65

and:

Delay Social Security until 67 or 70.

You would apply for Medicare separately.

Social Security Claiming Decision

Claiming early gives you:

More years of payments

but:

A smaller monthly benefit.

Waiting gives you:

Fewer initial payments

but:

A larger monthly benefit.

The decision depends on factors including:

• Health
• Longevity
• Cash flow
• Employment
• Spousal benefits
• Other retirement income