Medicare costs at 62 depend on when you were born and whether you have worked long enough to may have access to

If you claim Social Security at 62, you do not automatically get Medicare. Medicare may be able to access starts at 65, regardless of when you claim retirement benefits. Between 62 and 65, you will need to pay for health coverage another way — through your employer, a spouse's plan, the ACA marketplace, or out of pocket.

Once you turn 65, Medicare costs are the same whether you claimed Social Security at 62 or waited. The age you claim retirement does not change what Medicare itself costs. However, claiming Social Security early does reduce your monthly benefit for life, which affects how much money you have to pay those Medicare premiums.

The real cost question at 62 is not "what does Medicare cost" but "what will I pay for health coverage until I reach 65, and how much less will my Social Security check be if I claim now instead of later." Both of those numbers matter to your budget.

Key Takeaways

  • You cannot enroll in Medicare until age 65, even if you claim Social Security at 62.
  • Between 62 and 65, you must find coverage through an employer, spouse's plan, the ACA marketplace, or pay out of pocket.
  • Claiming Social Security at 62 reduces your monthly check by roughly 25 to 30 percent compared to waiting until your full retirement age.
  • Once you turn 65, Medicare Part A (hospital insurance) is free if you have worked at least 10 years; Part B (doctor visits) costs a monthly premium that varies by income.
  • The total cost of Medicare at 65 includes Part B premiums, Part D (prescription drug) premiums, and any supplemental or Part C plan you choose.

What Medicare costs once you turn 65

Part A (hospital insurance) is free for most people at 65 if you or your spouse worked at least 10 years and paid Medicare taxes. If you do not meet that requirement, you can buy Part A, but the premium is higher.

Part B (doctor visits, outpatient care, preventive services) costs a monthly premium. In 2024, the standard Part B premium is $164.90 per month, but the amount you pay depends on your income from two years prior. Higher earners pay more through an income-related adjustment. The exact amount changes each year.

Part D (prescription drug coverage) requires a separate monthly premium that varies by plan and by pharmacy. Plans range from roughly $7 to $100 per month, depending on which drugs you take and which insurer you choose. You must enroll in Part D when you turn 65 or face a penalty if you go without coverage and later sign up.

Part C (Medicare Advantage) is an alternative to Original Medicare. It bundles Part A, Part B, and usually Part D into one plan run by a private insurer. Part C premiums vary widely — some plans charge $0 per month, others charge $200 or more — and they change yearly. You still pay Part B income-related adjustments on top of the plan premium.

Coverage costs between age 62 and 65

If you claim Social Security at 62, you have a three-year gap before Medicare begins. You must cover health insurance yourself during those years. The cost depends on which route you take.

If you are still working, your employer plan is usually the cheapest option. Your employer typically pays part of the premium, and you pay the rest through payroll deduction. If you leave your job before 65, you may be able to continue that coverage through COBRA, but COBRA premiums are high — you pay the full employer and employee share, plus a 2 percent administrative fee. COBRA coverage lasts up to 18 months.

If you do not have access to an employer plan, the ACA marketplace (Healthcare.gov or your state's exchange) offers plans based on your income. If your income is low enough, you may receive a tax credit that reduces the monthly premium. Plans range from $0 to several hundred dollars per month depending on your age, location, and income. You can enroll in an ACA plan any time during the open enrollment period (usually November through January) or if you have a may have access to life event, such as losing employer coverage.

If you are uninsured between 62 and 65, you risk owing medical bills out of pocket and facing a tax penalty when you file your return (though the penalty is smaller than it was in prior years).

How claiming Social Security at 62 affects your budget

Claiming Social Security at 62 means a permanently lower monthly check. If your full retirement age is 67, claiming at 62 reduces your benefit by roughly 30 percent. If your full retirement age is 66, the reduction is roughly 25 percent. The reduction is permanent — you do not get a raise later to make up for it.

That smaller check has to cover both your health insurance costs between 62 and 65 and your Medicare premiums after 65. If you claim at 62 and your monthly benefit is $1,500, you might receive $1,050 instead if you had waited. That $450 per month difference adds up to $5,400 per year — money that could have paid for ACA marketplace coverage or set aside for future medical costs.

The break-even point — the age at which waiting to claim would have paid you more in total lifetime benefits — is usually around 80 or 81. If you expect to live past that age and do not need the money before 65, waiting typically results in more total money over your lifetime. If you need the income now or do not expect to live into your 80s, claiming at 62 may make sense despite the reduction.

Income-related Medicare premiums and how they work

If your income is above a certain threshold, you pay a higher Part B premium and a higher Part D premium. Medicare uses your Modified Adjusted Gross Income (MAGI) from your tax return two years before you turn 65. For example, if you turn 65 in 2025, Medicare looks at your 2023 tax return.

The income thresholds change each year. In 2024, single filers with MAGI above $97,000 and married couples filing jointly with MAGI above $194,000 pay more. The higher your income above the threshold, the more you pay — up to a maximum surcharge. If your income drops later (for example, because you retire or have a major life change), you can request that Medicare recalculate your premium based on your current income.

This matters at 62 because if you are still working and earning a salary, your income may push you into a higher premium bracket when you turn 65. If you claim Social Security at 62 and stop working, your income drops, which could lower your Medicare premiums later.

Supplemental insurance and additional out-of-pocket costs

Original Medicare (Part A and Part B) does not cover everything. You pay a deductible before Medicare starts paying, and you pay coinsurance (a percentage of the cost) for many services. Many people buy a Medigap policy (supplemental insurance) to cover those gaps. Medigap premiums range from roughly $100 to $300 per month depending on your age, location, and which plan you choose.

If you choose Medicare Advantage (Part C) instead, your out-of-pocket costs work differently. You have a deductible and copays for doctor visits and prescriptions, but your total out-of-pocket spending is capped each year. Some Advantage plans charge $0 in premiums but have higher copays; others charge a premium but have lower copays.

Neither Original Medicare nor Medicare Advantage covers dental, vision, or hearing aids. You pay for those services out of pocket or through separate dental and vision plans, which cost extra.

Steps to take now if you are considering claiming at 62

Before you claim Social Security at 62, gather information about your specific situation. Use the Social Security Administration's online calculator (ssa.gov) to see your estimated benefit at different claiming ages. Write down the difference between claiming at 62 and waiting until 65 or 67.

Next, research health coverage costs for your situation. If you are still working, check whether your employer offers retiree health coverage before age 65 — some employers do. If not, visit Healthcare.gov or your state's ACA marketplace and get a quote for a plan that covers your current doctors and medications. Add that cost to your budget for ages 62 to 65.

Once you turn 65, you will receive a Medicare enrollment notice in the mail about three months before your birthday. You can enroll in Part B, Part D, and any supplemental coverage through that notice, by phone, or online at Medicare.gov. Do not miss the enrollment important date — late enrollment penalties explore if you wait.

Frequently Asked Questions

Can I get Medicare before 65 if I claim Social Security at 62?

No. Medicare may be able to access is based on age, not on claiming Social Security. You become may be able to access for Medicare at 65 regardless of when you claim retirement benefits. The only exceptions are if you have been on disability for at least 24 months or if you have end-stage renal disease or ALS.

What happens if I do not have health coverage between 62 and 65?

You risk owing medical bills out of pocket if you need care. You also face a tax penalty when you file your return, though the penalty amount is smaller than in previous years. Once you turn 65 and enroll in Medicare, you will have coverage, but unpaid medical bills from the gap years remain your responsibility.

Does my spouse's age affect when I can get Medicare?

No. Medicare may be able to access is individual — it is based on your own age, not your spouse's. If your spouse is younger than 65, they must find their own coverage until they turn 65. If your spouse is older and already on Medicare, that does not change your may be able to access date.

Will my Medicare costs go down if I wait to claim Social Security until 67?

Medicare costs themselves do not change based on when you claim Social Security. Part B and Part D premiums are the same at 65 whether you claimed retirement at 62 or 67. However, if you wait to claim, your monthly Social Security check will be larger, which gives you more money to pay those premiums and other expenses.

What if I have a pension or other income besides Social Security?

Your Medicare premiums are based on your total income, including pensions, investment income, and wages — not just Social Security. If you have substantial other income, you may pay higher Part B and Part D premiums even if you claim Social Security later. Use your most recent tax return to estimate your income for Medicare premium purposes.