Jack's Blog on Medicare Plan Choices

Social Security and Supplemental Security Income (SSI) benefits for more than 72.5 million Americans will increase 2.5 percent in 2025.

The 2.5 percent cost-of-living adjustment (COLA) will begin with benefits payable to nearly 68 million Social Security beneficiaries in January 2025. Increased payments to nearly 7.5 million SSI recipients will begin on December 31, 2024. (Note: some people receive both Social Security and SSI benefits)

Just so you know.  There are different types of Social Security.  The following is a breakdown.  It’s not complete but it will give you a better understanding.  Here we go:

1. Retirement Benefits

• Who is it for? Workers who have paid into the Social Security system through payroll taxes during their working years.
• Eligibility: You can start receiving reduced retirement benefits as early as age 62, but full benefits are available between ages 66 and 67, depending on your birth year. Delaying retirement until age 70 can increase your benefit amount.
• How it works: Your monthly benefit amount is based on your highest 35 years of earnings.

2. Disability Benefits (SSDI)

• Who is it for? Workers who become disabled and are unable to work for a year or more, provided they have earned enough Social Security credits through work.
• Eligibility: To qualify, you must have a medical condition that meets SSA’s definition of a disability and be unable to engage in substantial gainful activity (SGA). You also need to have accumulated sufficient work credits, which vary by age.
• How it works: Payments are based on your past earnings. If you’re approved, benefits can continue as long as the disability prevents you from working.

3. Supplemental Security Income (SSI)

• Who is it for? Low-income individuals who are elderly (age 65 or older), blind, or disabled, regardless of their work history.
• Eligibility: This is a needs-based program, so your income and resources must fall below certain limits. Unlike SSDI, you don’t need to have paid into the Social Security system to qualify.
• How it works: The amount you receive is based on federal and state benefit levels, adjusted according to your other income and living arrangements.

4. Survivors Benefits

• Who is it for? The surviving family members of a deceased worker who paid into Social Security.
• Eligibility: Benefits may be available to a widow(er) aged 60 or older (or 50 or older if disabled), children under age 18 (or up to 19 if still in high school), and in some cases, dependent parents.
• How it works: Survivors benefits are calculated based on the earnings of the deceased worker and can help replace lost family income.

5. Spousal Benefits

• Who is it for? Spouses (and sometimes ex-spouses) of workers who qualify for Social Security retirement or disability benefits.
• Eligibility: A spouse may receive up to 50% of the worker’s benefit at full retirement age, depending on the age at which they claim benefits.
• How it works: Spouses can choose to receive their own Social Security benefits if they worked, or they can claim spousal benefits if it is more advantageous. Ex-spouses may also qualify if the marriage lasted at least 10 years.

Here is my disclaimer.  I gather most of my information from Medicare.gov and CMS.gov and to the best of my knowledge, it is accurate.  For this article I refer you to the following Social Security web page: https://www.ssa.gov/cola/  I also used AI available on the web.  Please use this information as a guideline.

Before choosing an Advantage or Supplement plan, ensure you have a thorough understanding of Medicare itself. When it’s time to explore your options, don’t fall for a sales pitch from a single company or an agent representing only one provider.

At “More Plans More Choices,” I can provide you with side-by-side comparisons from various insurance carriers. More carriers plus more plans equals more choices.

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