You’re likely wondering if you will be able to receive your Medicare coverage at 61, 62, or even 63. The answer is NO! You may be eligible for social security benefits, but you’re not eligible for Medicare.
Many Americans think they may get Medicare if they turn 62 before January 1 of the following year. This is not the case, but you may be able to collect social security benefits. To access your social security benefits, you must have worked 40/52 quarters with documented verification of your income and social security taxes that have been paid.
What Is The Medicare Eligibility Age?
The Medicare eligibility age is 65 years old, and you must receive social security benefits to receive your full benefits. By the time 64 rolls around, you will receive a letter from the government informing you that they have accepted your social security claim, and now it is time to apply for Medicare Part A.
You will be eligible to apply for Part A on the first day that you are eligible to receive social security benefits. If you have not applied by the time you reach 65, it will be too late to apply for Part A, and therefore, your only option would be secondary insurance like Medigap or an additional supplement plan.
Medicare Eligibility Requirements
Minimum Monthly Income
To be eligible for free Medicare insurance, you must have a minimum of $1,140 in monthly income, which increases yearly by a set percentage. The eligibility requirements are as follows:
Social Security Benefits
If you have worked 50 quarters (10 years) and paid social security taxes that total at least 12.4% over the ten years, you may be eligible for Medicare at age 62. If you have worked 40 quarters (the required amount) and paid social security taxes for the same amount, you may qualify for Medicare at age 63.
Remember that you must pay social security taxes on all wages, whether they are $20,000 or less per year and always pay at least the maximum amount of social security taxes if your income is over $85,000.
The earning ratio, also known as the “total indexed monthly earnings” or “TIMES” index, sets the amount that needs to be paid to be eligible for Medicare. As of 2014, three different formulas are used to determine what your earning ratio would be.
One formula is based on a single person’s income and the second formula is based on two people’s incomes. Each formula varies based on what year you were born.
When Can You Apply For Medicare?
You can apply and receive your Medicare benefit at the beginning of the month that you turn 65 years old. Keep in mind that if you have not retired, your social security benefit will stop; therefore, receiving your Medicare payments will not be possible until you retire.
If you are turning 65 for the first time and are just about to retire, then you might have a gap in coverage due to your healthcare plan being unable to cover pre-existing conditions.
Reasons Why You Can Get Medicare at Age 62.
1. You Suffer from End Stage Renal Disease.
Let’s start with some good news! If you have End Stage Renal Disease (ESRD) and you turn 62 before January 1 of the following year, then you may be able to get Medicare. You’ll need to provide documentation from your doctor that your disease is considered end-stage and will result in your death within two years.
The Social Security Administration (SSA) will determine whether or not you qualify for Medicare based on this information from your doctor. This is the first time that Medicare has considered you for coverage at age 62.
You may be able to get Medicare if you have Chronic Kidney Disease, and the Social Security Administration has determined that you are to live with this chronic condition for over six months.
If your doctor confirms that you meet this criterion, then the SSA will consider your application based on the information provided by your doctor. This is the first time Medicare has approved coverage of Chronic Renal Disease (CRD).
2. You Have Been On Social Security Disability Insurance For At Least Two Years.
If you have been disabled for at least two years and are over the age of 62, you may be able to get Medicare. You’ll need to provide documentation from your doctor that you are disabled under the Social Security Act. This is the first time that Medicare is being considered for disability-related coverage.
Suppose you are a recipient of Social Security Disability Insurance (SSDI). In that case, your account will contain a Special Enrollment Period (SEP) where Medicare coverage may be available to you if certain conditions are met. If you have completed one of these conditions, this would indicate that you qualify for Medicare.
3. You Are On SSDI because you have amyotrophic lateral sclerosis, also known as ALS or Lou Gehrig’s Disease.
If you have ALS, then upon meeting the criteria, you may be able to get Medicare. This is the first time that Social Security has considered this type of coverage for those who have ALS and are 62 years old.
If you are considered disabled by Social Security’s definition, and you are under the age of 65, then you may be able to get Medicare. To determine whether or not you’re eligible for Medicare, Social Security will review your disability status based on your doctor’s appraisal and any ongoing treatment requirements.