Social Security provides retirement & disability benefits, the latter involving a medical records analysis. There is an option to withdraw your benefits.
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Can you withdraw your social security benefits application
1. Can You Withdraw
Your Social Security
Benefits Application?
Social Security provides retirement & disability benefits, the latter involving a
medical records analysis. There is an option to withdraw your benefits.
Medical Record Review
8596 E. 101st Street, Suite H
Tulsa, OK 74133
2. www.mosmedicalrecordreview.com 918-221-7791
Social Security retirement benefits and disability benefits provide financial support to retired and
disabled Americans respectively. Disability benefits are paid to those people who are unable to
work due to a medical condition that is included in the Social Security Administration’s (SSA)
disability list. To receive the benefits, the impairment has to be established through a detailed
medical records analysis. Disability benefits end when you reach full retirement age (66) but
are automatically converted into retirement benefits, with the monthly benefits continuing in the
same amount. A person filing for social security retirement benefits has to consider the pros and
cons of filing at different ages. As providers of medical review services to social security
lawyers, we know that it is worthwhile to wait until your full retirement age (FRA) to claim the
benefits because this ensures that the monthly payments are not reduced.
Why Withdraw Your Benefits?
The SSA allows you to claim benefits as early as age 62 though for each month you sign up
ahead of your FRA, your monthly benefits get reduced. However, there are occasions when you
may want to file early. A common question people ask is whether they can withdraw the social
security claim and start again at a later date. But why should they withdraw the claim?
Unexpected changes could take place after you make your decision about claiming social
security retirement benefits. You may have applied because you needed the money at that point
of time and so were willing to accept reduced benefits. Later, you may get a higher-paying job or
an inheritance and find yourself in a position when you can afford to wait until you are older and
can collect a larger amount. Another reason for resetting your filing choice is when you want to
maximize any potential survivor benefit available to be paid to a surviving spouse.
The Withdrawal Process
The SSA will allow you to withdraw your original application for retirement benefits only once,
and only if you have been receiving benefits for less than a year.
If you are eligible, you can withdraw your application and file again at a later time, thereby
avoiding a long-term reduction in your monthly payments. However, you have to repay all
benefits that were paid to you and your family during the period as a result of your application.
These include:
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Benefits paid to your spouse or children based on your application, irrespective of
whether they are living with you. Anyone who received benefits based on your
application must also give their consent in writing to the withdrawal.
Money withheld from your checks including Medicare Part B, Part C, and Part D
premiums; voluntary tax withholding (VTW) of federal income taxes for closed tax
years.
Garnishments
You could choose to withdraw your Medicare coverage as well, though you don’t have to.
In case you withdraw your Medicare Part A coverage, you will have to repay all
Medicare Part A benefits paid on your behalf.
If you withdraw Medicare Part B coverage that you already have, your request will be
considered as a voluntary termination. You will receive this coverage for the month you
requested the withdrawal and the month after your request. However, if you file for
benefits and Medicare at a later point, your Part B premiums could be higher.
Your enrolment in your Medicare Advantage plan (Medicare Part C) will automatically
end if you withdraw from Medicare Part A or Part B or both. Moreover, you will no
longer be eligible for Medicare Part D (Prescription drug coverage). If you are not
enrolled in a Medicare Part D plan and you do not have prescription coverage, you will
have to pay a penalty if you enroll in a Medicare prescription drug plan in the future.
TRICARE beneficiaries may lose their coverage if their withdrawal includes Medicare
Part A coverage. If you do not withdraw your Medicare Part A coverage, and want to
keep your TRICARE coverage, you may have to stay enrolled in Medicare Part B.
People choosing to keep their Medicare coverage that includes Part B as well, will be billed by
the CMS for future Part B premiums. If the premiums are not paid on time, they may lose their
Part B coverage. If you are not entitled to Medicare, you will not be automatically enrolled when
you turn 65. Contact Social Security 3 months before you turn 65 to check about applying for
Medicare. If you don’t apply for Medicare when you are 65, you could end up paying a higher
premium.
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If you are eligible for railroad or veteran’s benefits, you have to check with the Railroad
Retirement Board and the VA (Department of Veterans Affairs) separately about how your
withdrawal could affect those benefits.
If you are planning to withdraw your application for social security benefits, here’s how to go
about it.
Download Social Security Form SSA – 521 from the SSA website and state the reason
why you want to withdraw the application on the form. In case you already have
Medicare coverage, you must clearly mention whether your Medicare coverage
should/should not be included in the withdrawal.
Send the completed form to the SSA. They will inform you of the amount of benefits you
need to repay.
The SSA allows you 60 days to cancel an approved withdrawal. Once that period is over,
you will lose any possible entitlement for the period covered by your original application.
Suspending Social Security Benefits
As mentioned earlier, if you have been receiving social security benefits for more than 12
months, you don’t have the option of withdrawal. An alternative is to suspend your social
security benefits upon reaching FRA and accumulate delayed retirement credits until age 70.
These credits will increase your benefits so that once you start claiming the benefits again, you
will collect a higher amount each month. Suspended benefits will restart automatically when you
reach the age of 70. You can also choose to have the benefits re-established at any point before
that time. Any other benefits paid based on your work record such as a spousal benefit will also
be suspended, and if you are enrolled in Medicare Part B, you will be responsible for paying
your own premiums.
It is important to give careful consideration when applying for social security benefits, whether
retirement benefits or disability benefits. If you file for retirement benefits and then change your
mind, there are options you can pursue as discussed above. You have to be knowledgeable
regarding the withdrawal process, and here a social security lawyer can be of assistance.