The benefits of Social Security are readily apparent for seniors. Each and every month, for those who qualify and have filed for benefits, the program pays an average of $1,350 to retired workers. This is a tangible and dependable benefit payment that a majority of today's retirees count on to help them meet their month-to-month expenses.
Medicare, which covers some 56 million Americans, 5 out of 6 of which are aged 65 and up, doesn't have the same tangible benefits feel as Social Security. That doesn't, however, make it any less important over the long run.
According to an updated study from the Urban Institute, by the year 2055 the average lifetime benefits paid out by Medicare to a median-earning male will have surpassed the lifetime benefits received from the Social Security Administration. Or in layman's terms, Medicare is closing the gap with Social Security in terms of importance, and is on track to surpass Social Security in roughly 40 years.
This means seniors and pre-retirees need to understand the ins and outs of the program in order to get the most out Medicare. In general, there are four critical steps you should take to ensure you get every benefit out of Medicare that you're entitled.