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Medicare provides health coverage for people 65 and older, certain young people with disabilities, and people with End-Stage Renal Disease. Medicare isn’t part of the Health Insurance Marketplace, so if you have Medicare coverage you don’t need to do anything; However, if you have a health plan through the Marketplace and will soon be eligible for Medicare , you are able to start planning your transition now.
When Should I apply for Medicare?
Once you are eligible for Medicare, you have a 7 month Initial Enrollment Period (starting, for most people, 3 months before your 65th birthday) to sign up.
It’s important to sign up for Medicare when you’re first eligible because once your Medicare Part A coverage starts, you’ll no longer be eligible to use any premium tax credit or help with costs you might have been getting with your Marketplace plan, meaning that you’ll have to pay full price. Also, if you enroll in Medicare after your Initial Enrollment Period, you may have to pay a late enrollment penalty.
How Do I Cancel My Marketplace Coverage?
If you and your spouse (or other household members) are enrolled in the same Marketplace plan, but you’re the only one eligible for Medicare, you’ll cancel Marketplace coverage for just yourself. If you are the only person on the plan, you can cancel the whole application without issue.
If you have a Marketplace plan now, you can keep it until your Medicare coverage starts. Then, you can cancel the Marketplace plan without penalty.
Have additional questions? We would be more than happy to help! Contact us today with your Medicare questions, and we will get back with answers and the information you need! You can also stop by our office – we will be open all enrollment period for you to come in and enroll with our help!