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The current Social Security system works like this: when you work, you pay taxes into Social Security. The tax money is used to pay benefits to: reople who already have retired; people who are disabled; survivors of workers who have died; and dependents of beneficiaries. Here are some common questions and answers.

You can start your Social Security retirement benefits as early as age 62 or as late as age 70. Your monthly benefit amount will be different depending on the age you start receiving it. Read more for important tips to consider if you choose to retire at age 62. If you have any questions, feel free to post them online.

If you plan to retire at 65 (that is, you were born in 1937 or earlier), you still will be able to take your benefits at age 62, you will get 80% of the monthly benefit because you will be getting benefits for an additional 36 months. Retiring at 65 means you can collect 100% of your benefit.

If you were born between 1943 and 1954, your full retirement age is 66. Remember, the earliest a person can start receiving Social Security retirement benefits will remain age 62.

With delayed retirement credits, a person can receive his or her largest benefit by retiring at age 70. Learn more about late retirement and feel to ask questions.

If you plan to continue to work past the age of 65, be sure to read these important tips and notes to ensure you are not penalized for late enrollment in Medicare Part B or Part D.

We know the COBRA regulations can be confusing for both employers and former employers. You are not alone, we've assembled some resources to help you with your questions. Remember, if your employment has ended and you are 65 or older you qualify for a special enrollment period where you can elect Part B without penalty. If you choose to continue coverage through your former employer (COBRA) you only have 8 months to elect Part B. COBRA coverage can be more expensive than other options offered by Medicare.

Although Social Security determines entitlement to Medicare benefits, the Medicare program is administered by a different agency, the Centers for Medicare & Medicaid Services (CMS). There is also a Medicare website at www.Medicare.gov.

You can call 1-800-MEDICARE (1-800-633-4227) to speak to a Medicare Customer Service Representative.

Hospital Insurance

Medical Insurance

Medicare Advantage

Prescription Drug Plan

Medicare Supplement

Are you a member of a Medicare Blue or Medicare Supplement Plan from Blue Cross Blue Shield of Massachusetts? Share a little of your experience here.

Are you a member of Fallon Senior Plan from Fallon Community Health Plan? Share a little of your experience here.

Are you a member of Harvard Freedom Plan from Harvard Pilgrim Health Care? Share a little of your experience here.

Are you a member of Medicare Advantage Plan from Health New England? Share a little of your experience here.

Are you a member of a Medicare Advantage Plan from Neighborhood Health Plans? Share a little of your experience here.

Are you a member of Tufts Medicare Preferred from Tufts Health Plan? Share your experiences here.

A growing body of research is showing that today's health-related problems increasingly become financial problems when health insurance doesn’t cover enough. The staff at Medicare Sherpa has attached the complete report in our on-line forum, “Coverage When It Counts” from the Center for American Progress Action Fund. Is your insurer adequately covering your needs? Please share a few comments about your own experiences.

Use our Medicare Comparison Tool (Find A Plan) or the one provided by CMS Plan Finder (Medicare Plans) to calculate your annual cost. First check and ensure your drugs are covered in one of the two lower tiers – Generic (Tier 1) or Preferred Brand (Tier 2). At minimum, check to see if your drug is covered under Tier 3 – Non Preferred Brand. Watch out for a possible fourth tier called “specialty drugs.” Remember brand name and specialty drugs are not covered once you hit the donut hole. Your goal is to talk to your doctor about generics.

You will have to do a little homework here. Even if the plan does not cover your drug, you still benefit from a 10-20% discount over retail. Each plan is required to provide CMS with an electronic file every two weeks with their negotiated rate. The CMS site even includes the retail cost of the drugs for comparison. Your goal is to stretch your prescription drug benefit further by selecting the plan with the lowest negotiated rate for drugs. Remember your copayment and the negotiated rate of the drug are counted against your annual maximum benefit. The plan with the highest discounted rate will save you the most money.

Low Cost Alternatives are the single most important element in reducing your annual costs. These drugs are prescribed to treat the same condition and your doctor simply may not be aware of their existence. You can use our Medicine Cabinet Search Engine (Drug Prices) to find Lower Cost Alternatives. Your goal is to print this list and have a frank and honest discussion with your doctor about the medications he is prescribing. You both might be surprised to find out how much money you can save.

Start with the plan with the lowest deductibles and copayments. You are responsible for paying these “additional costs” along with your monthly premium. If the plan you’ve selected:
* does not cover your drug,
* covers it on Tier 3 or Tier 4 (Specialty Drugs), and/or
* the negotiated rate is less than 10% of retail

Any of these issues could bankrupt you at the end of the year. And it will be too late to realize you were getting zero value for your money.

Remember your monthly premium and deductible is considered “first dollar coverage” – what you pay before you access care. Your premium should gain you access to a comprehensive formulary and negotiated rates and copayments that are substantially less than retail. There is absolutely no value in choosing a plan that does not cover your drugs or offers copayments equal to or greater than the retail value.