Turning 65 is a major life milestone, and with it comes important decisions about your health coverage and retirement income. Two of the biggest programs you’ll likely interact with are Medicare and Social Security. But when should you sign up for each? And what happens if you wait too long?

This guide breaks it down clearly so you can take the right steps at the right time

Why Age 65 Matters?

Age 65 is the traditional eligibility age for Medicare, the federal health insurance program for older Americans. While full retirement age for Social Security benefits depends on your birth year, 65 is still a key age for reviewing your benefits and making decisions.

Let’s take a closer look at both programs.

Medicare: When and How to Enroll

Medicare is divided into several parts:

  • Part A: Covers hospital stays and is usually premium-free if you’ve worked for at least 10 years.
  • Part B: Covers outpatient care, doctor visits, and preventive services. It has a monthly premium.
  • Part C: Also known as Medicare Advantage, these are private plans that offer an alternative to Original Medicare.
  • Part D: Covers prescription drugs. It’s optional but recommended to avoid penalties.

When to Sign Up

You have a seven-month window to enroll in Medicare, known as the Initial Enrollment Period (IEP). This window includes:

  • Three months before the month you turn 65
  • The month of your 65th birthday
  • Three months after your birthday month

For example, if your birthday is in July, your IEP runs from April 1 to October 31.

Should You Sign Up at 65?

You should enroll in Medicare at 65 if:

  • You are not working, or your spouse isn't working
  • You do not have employer-provided health insurance
  • You want to avoid late enrollment penalties

You may delay enrolling in Part B (and Part D) without penalty if:

  • You are still working and have health coverage through your employer
  • Your employer has 20 or more employees and the coverage is considered "creditable"

Even if you’re delaying Part B, most people sign up for Part A at 65 because it is typically free.

What If You Miss the Deadline?

Missing your Initial Enrollment Period can lead to:

  • A 10 percent penalty for each year you delay signing up for Part B
  • A delay in coverage if you have to wait for the General Enrollment Period (January 1 to March 31)

Social Security: When to Claim Benefits

You can start claiming Social Security retirement benefits as early as age 62, but your benefit amount will be reduced. Your full retirement age (FRA) depends on your birth year.

Here is a quick breakdown:

  • Born in 1957: Full retirement age is 66 years and 6 months
  • Born in 1958: FRA is 66 and 8 months
  • Born in 1959: FRA is 66 and 10 months
  • Born in 1960 or later: FRA is 67

If you claim before FRA, your monthly benefits are reduced. If you wait until after FRA, your benefits increase each year until age 70.

Should You Claim Social Security at 65?

You can, but your benefit will be slightly less than if you waited until your full retirement age. Whether or not you should claim at 65 depends on your:

  • Financial needs
  • Health and life expectancy
  • Work status
  • Other income sources

Waiting to claim could mean a larger monthly check for the rest of your life, but many people choose to start earlier based on personal circumstances.

Can You Sign Up for Both at the Same Time?

Yes, you can, but they are separate processes. Here’s how it works:

  • If you start receiving Social Security benefits before age 65, you’ll be automatically enrolled in Medicare Parts A and B when you turn 65.
  • If you delay claiming Social Security, you will need to sign up for Medicare yourself during your Initial Enrollment Period.

How to Apply

Here’s how to enroll in each program:

Medicare:

  1. Visit www.ssa.gov/medicare
  2. Click “Apply for Medicare Only” if you’re not ready to claim Social Security
  3. Complete the online application (takes about 10 minutes)

Social Security:

  1. Visit www.ssa.gov
  2. Click on “Retirement Benefits”
  3. Complete the online application
  4. You can apply up to four months before you want your benefits to start

Key Takeaways

  • Sign up for Medicare during your seven-month Initial Enrollment Period to avoid penalties.
  • You can delay Part B and Part D if you have qualifying employer health coverage.
  • Medicare and Social Security are separate; you can apply for one without the other.
  • Full retirement age for Social Security is between 66 and 67, depending on when you were born.
  • Delaying Social Security beyond your full retirement age increases your monthly benefit.

What to Do Now

  1. Review your current health coverage and retirement income needs.
  2. Decide whether to enroll in Medicare and/or Social Security at 65.
  3. Mark your Initial Enrollment Period on your calendar so you don’t miss it.
  4. Visit www.medicare.gov and www.ssa.gov to explore your options and apply when ready.

Turning 65 comes with a lot of questions, but the right information can help you make the best choices for your health and financial future. Take the time to explore your options, and don’t hesitate to reach out to a licensed advisor if you need help making a decision.