Medicare and Social Security Benefits
What’s the Difference Between Medicare and Social Security Benefits?
Social Security and Medicare are federal government programs that provide financial security and health care to those over 65, retirees, disabled individuals and the families of those eligible.
Understanding the differences between these programs can help you learn more about the benefits available to you.
As you navigate Medicare and Social Security benefits, you can count on Cigna Healthcare® to help you explore your options. Our goal is to provide you with the information you need to make the best decisions for your future.
What Benefits Does Social Security Provide?
Social Security provides financial support through several types of benefits:
Retirement Benefits
Social Security retirement benefits are monthly payments from the government to people who have stopped working. You can claim these benefits as early as age 62 but at a reduced rate. Getting full retirement-age benefits will depend on the year you were born.
If you were born:
- Before 1938, you could get full retirement benefits at age 65
- Between 1943 and 1959, you could get full retirement benefits between the ages of 66 and 67
- 1960 and later, you could get full retirement benefits at age 67
Keep in mind that choosing to delay retirement beyond your full retirement age may increase your benefit amount.
Disability Benefits
You may qualify for financial benefits from Social Security if you become disabled before reaching full retirement age. You’ll only be eligible for these benefits if you:
- Have enough work credits from your Social Security earnings, which is the money you earned from working that is subject to Social Security taxes
- Have a severe impairment that either prevents you from working for at least a year or is expected to result in death
Family Benefits
Your spouse, minor children and disabled adult children under age 22 may receive benefits if you are eligible for retirement or disability benefits. Each family member may qualify for up to 50% of your benefits.
Survivors Benefits
If you pass away, your spouse and children may receive Social Security benefits. Divorced spouses may also qualify for these benefits.
Which Benefits Does Medicare Provide?
Medicare complements Social Security benefits by covering medical expenses for those age 65 or older or some younger people with certain disabilities or illnesses.
There are several options for Medicare coverage, including:
- Part A: Hospital coverage
- Part B: Medical coverage
- Part C: Medicare Advantage plans
- Part D: Prescription drug plans
- Medicare Supplement plans
Parts A and B combined are also referred to as Original Medicare, which is one of the main ways to get Medicare. But Original Medicare doesn’t cover everything, so it’s wise to explore additional plan options, like a Medicare Advantage plan, Medicare Supplement plan or prescription drug coverage.
How Social Security and Medicare Work Together
Your Social Security earnings make you eligible for Social Security benefits and Medicare. If you get retirement or disability benefits from Social Security, you don’t need to sign up for Medicare. At least four months before you turn 65, you will automatically be enrolled in Original Medicare (Parts A and B). A welcome package with your Medicare card will be mailed to you three months before your coverage starts. However, you will still need to decide if you want to add drug coverage or other options.
No matter which option you choose, your Medicare premiums will most likely be deducted from your Social Security payments, simplifying the process and ensuring continuous coverage. This helps ensure you have both financial and health care support as you age or if you become disabled.
Learn More About Your Options
To ensure you’re accessing the right program for your needs, check out the following resources to learn more:
Whether you’re approaching retirement, planning for the future, or helping a loved one, we’re here to guide you through your benefit options. Feel free to reach out to us at 1 (866) 635-5630 (TTY 711). Together, we can ensure you have all the information you need to take full advantage of the benefits available to you.
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