Published on July 31, 2015
If you will have a well being plan via the Health Insurance Marketplace® and can quickly have
eligibility, it’s not too quickly to start out planning on your protection to modify.
If you will have a Marketplace plan now, you’ll be able to maintain it till your Medicare protection begins. Then, you’ll be able to cancel the Marketplace plan with out penalty.
When to use for Medicare
Once Medicare eligibility begins, you’ll have a 7 month Initial Enrollment Period to enroll. For most individuals, that is 3 months earlier than, the month of, and three months after their sixty fifth birthday.
It’s necessary to join Medicare while you’re first eligible as a result of as soon as your Medicare Part A protection begins, you’ll need to pay full worth for a Marketplace plan. This means you’ll now not be eligible to make use of any premium tax credit score or assist with prices you may need been getting together with your Marketplace plan. Also, in the event you enroll in Medicare after your Initial Enrollment Period, you’ll have to pay a late enrollment penalty. It’s necessary to coordinate the date your Marketplace protection ends with the efficient date of your Medicare enrollment, to be sure you don’t have a break in protection. If you will have restricted earnings or sources, you could qualify for assist paying prices.
How to cancel your Marketplace protection
If you’re the one individual in your Marketplace software, you’ll be able to cancel the entire software.
If you and your partner (or different family members) are enrolled on the identical Marketplace plan, however you’re the one one eligible for Medicare, you’ll cancel Marketplace protection for simply your self. This method any others on the Marketplace software can maintain Marketplace protection. Find out how right here.
Learn extra about transitioning from the Marketplace to Medicare protection.