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From Marketplace to Medicare Coverage: Turning 65

published to July 31, 2015

If you have health insurance through the Health Insurance Marketplace® and soon

It’s never too early to start planning to switch coverage.

If you currently have a Marketplace plan, you can keep it until your Medicare coverage starts. You can then cancel your Marketplace plan without penalty.

When to Apply for Medicare

Once your Medicare eligibility begins, you will be given an initial enrollment period of seven months to sign up. For most people, this is her three months before her 65th birthday, that month, and three months after her.

It’s important that you sign up for Medicare when you first qualify, because once your Medicare Part A coverage begins, you’ll have to pay the full price of your Marketplace plan. This means you will no longer be eligible to use premium tax credits or help with expenses you might have earned on Marketplace plans. Also, if you enroll in Medicare after the initial enrollment period, you may have to pay a late enrollment penalty. It’s important to match the date your Marketplace coverage ends with the date your Medicare enrollment becomes active so your coverage doesn’t expire.If you have limited income or resources, you may qualify help pay for expenses.

How to cancel Marketplace coverage

If you’re the only one in the Marketplace application, you can: cancel the entire application.

If you and your spouse (or other household member) are on the same Marketplace plan, but you’re the only one eligible for Medicare, cancel your Personal Marketplace coverage. In this way, other users of Marketplace applications can maintain Marketplace coverage. See how.

Learn more about transitioning from Marketplace to Medicare coverage.

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