AMAC Foundation Social Security Advisors discuss the new Medicare premiums as well as what each part of Medicare represents for coverage, inpatient, outpatient, and other topics. There is a discussion of the new IRMAA amounts and why they are imposed.
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Hi there .I joined AMAC a month ago but no member card yet but assure you I’m a member. My question is; I’m turning 64 this Aug anw will start with. the signup process shortly.I plan on working 2-3 years yet and will retain employer health care program.Will I need to stop HSA contributions even if I don’t claim any medicare during that time? And when I sign up for SS will the medicare parts start up automatically? THANK You. Very good presentation from you guys but alot to digest.
Mike
When you sign up for your Social Security benefits you will automatically be enrolled in Medicare Part A. This means you have to stop both yours’s and your employer’s HSA contributions the month before your Social Security begins if you are starting your benefits at 65. Part A dates back by six months, or until your 65th birthday, whichever comes first.
You will also be under an earnings limit until you reach your full retirement age (FRA). The earnings limit for 2025 is $23,400. If you go over the limit Social Security will withhold $1 for every $2 you go over. In the year you reach your FRA Social Security the earnings limit is $62,180 until the month you reach your FRA when it ends.
You will be able to decline Part B if remaining under your employer’s health insurance, but you do not have that option with Part A.
If you have further questions please email ssadvisory@amacfoundation.org or call 888-750-2622.
Sharon L Kleczka
Social Security Advisor
AMAC Foundation
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