Q. When can someone begin drawing Social Security retirement income?
A. Most people can start to receive Social Security retirement benefits as early as age 62, or as late as age 70. It is important to know your “full retirement age” in order to determine what your benefits will be. Also known as “normal retirement age,” an individual’s date of birth is used to determine their full retirement age. For many years this was age 65 for everyone, but now 65 is the full, or normal, retirement age only for those born in 1937 or before. Beginning with people born in 1938 or later, the full retirement age has gradual increases up to age 67 for people born after 1959.
Your monthly benefits will be reduced if you start them any time before you reach your full retirement age. For example, for a person born in 1958, their full retirement age is 66 years and 8 months. If that person starts receiving benefits at age 62, they will get 71.7 percent of the monthly benefit. If that person waits to age 65, they will get 88.9 percent of the monthly benefit. If you are receiving benefits as a spouse, you will get 50 percent of your spouse’s monthly benefit if you wait until your full retirement age, but this amount is again reduced if you start receiving benefits earlier than that age.
The best way to determine what you are eligible for and when is to create a My Social Security account in the Social Security Administration’s website, www.ssa.gov/myaccount Anyone age 18 and up with a valid United States mailing address can create an account. You can also visit your local Social Security office for information about retirement benefits, or call 800-772-1213 from 7 am to 7pm, Mon-Fri.
Q. How is hospice care paid for?
A. Hospice care is covered by Medicare, Medicaid (in most states), the Veteran’s Health Administration, and most private insurance. The majority of hospice patients in the United States are covered through the Medicare Hospice Benefit. Most other insurance plans, including Medicaid, model their benefits in a very similar way as the Medicare Hospice Benefit, but it is important to check with your primary insurer as to whether hospice care is covered and under what circumstances.
To be covered under the Medicare Hospice Benefit, a patient must:
+ Be enrolled in Medicare Part A;
+ Have a doctor certify the patient is terminally ill with a prognosis of six months or less to live;
+ Sign a statement electing to have Medicare pay for palliative care (pain and comfort measures) rather than curative care; and
+ Receive care from a Medicare-certified hospice agency.
If you are interested in Medicare’s hospice benefit, check with your doctor to see if you meet the eligibility criteria. Once you select hospice care, all your hospice-related services are covered under Original Medicare, even if you are enrolled in a Medicare Advantage Plan. Your Advantage Plan will continue to pay for any care that is unrelated to your terminal condition.
There are things Medicare will not cover once you choose hospice care, because you have decided to stop seeking care and treatments aimed at curing your terminal illness and related conditions. Always communicate with your hospice team about seeking any treatment outside the scope of your condition and care plan to make sure it can be arranged, or you might have to pay the entire cost. Additionally, some hospice organizations offer services in addition to the prescribed hospice benefit. A call to the individual agency will confirm what related services might be available without a six month terminal prognosis.