Are you turning 65 soon? It’s time to start thinking about Medicare.
You can keep your Marketplace plan until you decide to enroll in Medicare. Then, to avoid a lapse in coverage, you can cancel your marketplace coverage at the same time that your Medicare starts. If you don’t start Medicare, you’ll face a tax penalty. If you’re married and your spouse is not yet eligible for Medicare, make sure that you only cancel your part of the marketplace plan so that your spouse doesn’t lose coverage!
You are eligible to enroll in Medicare during a seven month period that lasts from three months before your 65th birthday until three months after. If you wait too long, you will be faced with a penalty fee.
When you switch from a Marketplace plan to Medicare, you’ll have a different policy from before. Medicare is separated into categories. For the most part, everyone has Part A, which covers hospital visits and stays, and Part B, which covers doctor visits. The next part gets tricky.
Once you’re enrolled, you can choose to add Part C (Medicare Advantage), which will give you prescription drug coverage as well as other ancillary benefits like dental and vision coverage. If you can’t afford that, you may opt for a Medicare Supplement plan instead, which does not offer any additional benefits but will help you pay for copayments, coinsurance, and deductibles. Alternatively, you can purchase a completely separate prescription drug plan (also known as Part D).
The best way to switch and make sure that you get the right plan for the best price is to speak with a licensed and experienced agent. Our sister brand, Medicare Health Benefits, can help you with that. Just set up an appointment by giving us a call at 1-844-431-1832.