UPDATED! WHAT EVERY WOMAN SHOULD KNOW ABOUT SOCIAL SECURITY

FOR WOMEN OF ANY AGE & WOMEN YOU KNOW IN YOUR LIFE, MAKE SURE TO READ & PASS THIS INFORMATION ALONG

From today's CRAIN'S WEALTH  06/25/2016  http://www.crainswealth.com/gallery/20170609/FREE/609009999/PH/what-every-woman-should-know-about-social-security&Params=Itemnr=11

ALSO RECOMMEND: SOCIAL SECURITY ADMINISTRATION BOOKLET UPDATE JUNE, 2017

https://www.ssa.gov/pubs/EN-05-10127.pdf

 What every woman should know about Social Security

Women tend to live longer than men, meaning they spend more time in retirement and often do so with less savings, given their lower average lifetime earnings. They are also more likely to live alone in old age due to widowhood or divorce. Consequently, women represent more than half of all Social Security beneficiaries age 62 and older and two-thirds of all beneficiaries over the age of 85.

Here are the top 10 things women need to know about Social Security benefits.

You earned it

If you work for at least 10 years and earn a minimum of 40 work credits, you are entitled to a Social Security retirement benefit as early as age 62 or disability benefits even sooner if you can’t work because of severe illness or injury. Retirement benefits are based on your highest 35 years of earnings. If you work less than that, the zero earnings years in the 35-year-calculation will reduce your retirement benefit.

Marriage Benefit

If you are married, you may be entitled to Social Security retirement benefits, both on your own work record and as a spouse. A spousal benefit is worth between one-third and one-half of the husband’s benefit, depending on your age at time of claim. In most cases, you would be paid the higher of the two benefits, not both.

Disappearing opportunity

If you were born on or before Jan. 1, 1954, you are eligible to claim only spousal benefits on your husband’s earnings record when you turn 66, allowing your own retirement benefits to continue to grow by 8% per year up to age 70. Younger workers will never have this choice. Whenever they file for Social Security, they will be “deemed” to file for all available benefits and would be paid the higher of the two amounts.

Same-sex marriage

Lesbian couples are entitled to the same Social Security benefits as heterosexual couples. Couples must be married at least one year to claim benefits as a spouse. If entitled to benefits on your own earnings record and as a spouse, you would be paid the higher of the two amounts. But if you were born on or before Jan. 1, 1954, you have the option to claim only spousal benefits at 66 and switch to your own larger retirement benefits at 70.

Collect on your ex

If you were married at least 10 years, are divorced and currently single, you may be able to collect Social Security benefits on your ex’s earnings record. And if you have been divorced at least two years and both former spouses are at least 62 years old, you can collect benefits as an “independently entitled spouse” even if your ex has not yet claimed benefits. But to collect only spousal benefits while your own benefits keep growing up until age 70, you must have been born on or before Jan. 1, 1954.

Caregiving spouse

If your husband is collecting either Social Security retirement or disability benefits and you are caring for his minor child under age 16 or a permanently disabled adult child, you may be eligible for a spousal benefit regardless of your age. Once the youngest child turns 16, you will lose your benefits until you qualify for retirement benefits as early as age 62.

Survivors have choices

If you are entitled to a Social Security retirement benefit on your own earnings record and you are a surviving spouse, you can choose whether to collect your retirement or survivor benefit first and switch to the other benefit later if it would result in a larger amount. Reduced survivor benefits are available as early as age 60. Full benefits — worth 100% of what your late husband was collecting or entitled to collect at time of death — are available at your full retirement age (FRA) but they do not grow larger if you wait beyond FRA to collect them. However, retirement benefits increase by 8% per year for every year you postpone collecting them beyond FRA.

Public employees offset

Public employees, including teachers, in about a dozen states are not covered by Social Security. If you have a public pension based on work where you did not pay FICA taxes and your try to collect Social Security benefits as a spouse or survivor, those benefits could be reduced or wiped out by the Government Pension Offset provision. The rule reduces any potential Social Security benefits by two-thirds of the amount of the public pension.

Earnings test

Anyone who collects any type of Social Security benefits — as a worker, spouse or widow — before full retirement age while continuing to work could lose some or all of their benefits to the earnings test. They would forfeit $1 in benefits for every $2 earned over $16,920 in 2017. Any benefits lost to the earnings cap would be reinstated at full retirement age in the form of higher monthly benefits.

New suspension rules

If you are collecting benefits on your husband’s earnings record and he decides to suspend his benefits at full retirement age to earn delayed retirement credits, beware that your spousal benefits would stop, too. Under new rules that took effect last year, anyone can still suspend benefits at full retirement age, but no one can collect benefits on that worker’s record during the suspension.

Now is the time for an annual Medicare check-up

Now is the time for an annual Medicare check-up

How Social Security benefits are calculated

How Social Security benefits are calculated

Calling your Health Insurance Carrier is Annoying - This will help, (Believe me...)

http://blog.medicarerights.org/three-tips-communicating-insurers/?utm_source=middle-of-month-registered&utm_medium=email&utm_campaign=mi-outreach

Three Tips for Communicating With Insurers

Jay JohnsonMay 17, 2016Infographics0 Comments

If you are like most people, you have called your insurance provider with a question, been put on hold, and finally reached a representative only to discover you did not have all the necessary documents in front of you.

It can be easier. Below is a handy infographic with some tips to help you get the best results when communicating with insurers. Remember: If you have questions about your insurance coverage, whether you have Original Medicare or get your benefits through a Medicare Advantage Plan (such as an HMO or PPO), you have the right to get answers.

Visit Medicare Interactive to learn more about how to communicate with insurance companies.http://blog.medicarerights.org/three-tips-communicating-insurers/?utm_source=middle-of-month-registered&utm_medium=email&utm_campaign=mi-outreach

Employer Group Coverage - Questions? Ask me!

Which is Primary? Medicare and Employer Coverage Even if you have employer or retiree insurance, you still may need to enroll in Medicare Part B when you become eligible. In order to make an informed decision, you should know if your employee or retiree insurance is primary to Medicare, and the below infographic can help you do just that. Check out Medicare Interactive for more in-depth information on enrolling in Medicare when you have other types of insurance.

Social Security: When to Claim

Turning 65? Still Working? Covered under your Employer Health Plan? READ THIS!

Vol. 15, Issue 3 – February 8 , 2016
What is a Part B Special Enrollment Period?	Dear Marci,  I am going to be 65 soon but am still working and covered by my employer plan. I qualify for premium-free Part A, but do not want to take Part B yet. Should I enroll in Part B when I become eligible? – Mia (San Luis Obispo, CA) Dear Mia, The answer to this question depends on your specific situation. Generally speaking, you can delay enrolling in Part B (and not enroll during your Initial Enrollment Period (IEP)) without incurring a late-enrollment penalty if you are still working or your spouse is still working and you have insurance from that work. Before delaying Part B enrollment, there are a few things you should consider. The first is how and when you will sign up for Part B when your employer insurance ends. Because you are still working, you will be eligible for a Part B Special Enrollment Period (SEP). This enrollment period allows beneficiaries who delay Medicare enrollment while they are covered by their or their spouse’s current employer insurance to enroll later. You will not have to wait for the General Enrollment Period (GEP) that runs from January through March, and you will not have a penalty for delaying enrollment. Your SEP runs from now through eight months after the month in which you stop working, or your insurance ends, whichever comes first. The next thing you should consider is how Medicare will work with your current employer insurance. When someone has Medicare and an employer group health plan, Medicare either pays first or second in coordination with the employer plan. Medicare pays secondary to your current employer insurance if your company has 20 or more employees. This means that your employer insurance will pay first on health care claims, and then Medicare may pick up some or all of the remaining costs. If this is the case, you can delay Part B without creating a gap in coverage. Medicare pays primary to your current employer insurance if your company has fewer than 20 employees. In this case, should sign up for Part B. If you delay Part B enrollment and continue to use your employer coverage as your primary insurance, you may run into problems. For example, your employer insurance may take back payments it made mistakenly as the primary insurance while you were Medicare-eligible. If you decide to delay Part B enrollment you should call the Social Security Administration at 800-772-1213 or visit a local office to let them know. You should ensure you fully understand the consequences of delaying enrollment. Keep a record of your conversation with the Social Security staff. You should also keep record of your employer coverage for the time you are covered because you will need this information when you sign up for Part B at a later time. Delaying Part B enrollment involves making sure you can enroll in Part B later without  a penalty or gap in coverage. You should also make sure your current insurance will continue to provide adequate coverage. It is important to consider your situation carefully before delaying enrollment in Part B. – Marci