Without Medicare, millions of older Americans would struggle to afford healthcare. As it is, Medicare comes with a host of expenses that can be burdensome for retirees, from deductibles to premiums. Still, many seniors are relieved to be able to sign up for Medicare once they turn 65.
If you’re gearing up to sign up for Medicare on time, you may be wondering whether you should also claim Social Security. If you’re old enough for Medicare, you’re old enough to start collecting your Social Security benefits. But whether it’s the best idea to sign up for both at the same time is a different story.
How Social Security works — and why it pays to wait on it
Social Security pays you a monthly benefit in retirement that’s calculated based on your personal wage history. But your filing age is also a factor in how much money you get each month.
If you sign up for Social Security before reaching full retirement age (FRA), your monthly benefit gets reduced. For those born in 1960 or later, the FRA is now officially 67. If you were born in 1960 and claim benefits at 62, your monthly check is reduced by a full 30%, leaving you with only 70% of your primary insurance amount.
Filing for Social Security now while enrolling in Medicare could mean reducing your monthly benefits permanently. However, for every year you delay filing past your FRA, your benefit increases by 8%, up until you reach age 70.
2026 Medicare Costs and IRMAA Thresholds
Medicare costs have shifted for 2026, and enrollees should be prepared for the updated figures. The standard monthly premium for Medicare Part B is now $202.90, while the annual Part B deductible has increased to $283. For those requiring hospital stays, the Part A inpatient deductible is now $1,736 per benefit period.
Higher earners must also account for the Income-Related Monthly Adjustment Amount (IRMAA). For 2026, these surcharges apply to individuals with a modified adjusted gross income (MAGI) over $109,000 or joint filers over $218,000. At the highest income tiers, the total monthly Part B premium can reach $689.90.
The HSA Trap and Earnings Test
If you are still working at age 65, be aware of the interaction between Medicare and Health Savings Accounts (HSAs). Once you enroll in any part of Medicare, including the premium-free Part A, you are no longer permitted to contribute to an HSA. To continue building HSA tax-advantaged savings, you must delay Medicare enrollment entirely, provided your employer coverage is considered creditable.
Additionally, if you collect benefits before your FRA while still working, you are subject to the retirement earnings test. For 2026, the earnings limit is $24,480; Social Security withholds $1 in benefits for every $2 earned above this threshold.
How to sign up for Medicare alone
What’s confusing about signing up for Medicare is that you do so through the Social Security Administration’s website. You can complete this process via your “my Social Security” account, where COLA notices and other official correspondence are now primarily delivered digitally.
You’ll be given the option to enroll just in Medicare. If you’re still working at 65 and have health coverage through an employer, you can opt to enroll in Part A alone as secondary insurance at no cost. One thing you do need to know is that if you enroll in Medicare without Social Security, you’ll have to pay your Part B premiums yourself via automatic payments or direct billing.
Once you’re on Social Security, your Part B premiums will come out of your monthly benefits automatically. But if you don’t need the money from Social Security just yet, it pays to sit tight and sign up for Medicare alone.
Editor’s Note: This article has been updated to reflect 2026 financial data, including the $202.90 Medicare Part B premium, the $283 deductible, and the 2.8% Social Security COLA. New sections have been added regarding the age 67 full retirement age for those born in 1960, 2026 IRMAA income thresholds, restrictions on HSA contributions for Medicare enrollees, and the updated $24,480 annual earnings test limit.
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