Paul Sanchez
Medicare Part B is the medical insurance portion of Original Medicare. It covers medically necessary and preventive services like doctor visits, outpatient care, and some outpatient costs, medical supplies, and devices. Individuals with Medicare Part B can choose to cancel their coverage at any time. However, before doing so, they should consider the risks, such as medical costs, late enrollment penalties, and coverage gaps. If you decide to cancel your Medicare Part B coverage, you can do so by contacting the Social Security Association (SSA) by phone or by visiting your local SSA office.
| Characteristics | Values |
|---|---|
| Reasons to cancel | You have other health insurance, you can't afford the monthly premium, you are still working and have health insurance through your employer or your spouse's employer |
| Risks of cancelling | Medical costs, late enrollment penalties, coverage gaps |
| How to cancel | Contact the Social Security Association (SSA) by calling 800-772-1213 or visiting the local SSA office, or follow the instructions in a recently received welcome pack and send your Medicare card back |
| Form | Form CMS-1763 (a request for termination of premium hospital insurance or supplementary medical insurance) |
| When coverage ends | At the end of the month after you file the request |
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What You'll Learn
Cancelling Medicare Part B: risks and considerations
You can voluntarily terminate your Medicare Part B (Medical Insurance) at any time. However, there are several risks and considerations to take into account before making the decision to cancel. Firstly, you may be required to participate in a personal interview to review the risks of cancelling. This is to ensure you are aware of the potential consequences of terminating your coverage.
If you choose to cancel Part B, you may experience a gap in your health insurance coverage. You will be responsible for paying all costs for services that were previously covered by Medicare Part B, including hospital stays, doctors' services, medical supplies, and preventive services. These costs can be significant and unexpected, especially if you require medical care that is not covered by other insurance plans.
Additionally, if you decide to re-enroll in Medicare Part B at a later date, you may have to wait until the next General Enrollment Period (January 1-March 31 each year) to sign up. Your coverage will then start the month after you sign up, resulting in a potential gap in coverage. Moreover, if you don't qualify for a Special Enrollment Period, you'll be subject to a monthly late enrollment penalty for as long as you have Part B coverage. This penalty increases the longer you go without Part B.
It is important to carefully consider these risks and financial implications before deciding to cancel your Medicare Part B coverage. If you are unsure or have concerns, it is recommended to seek advice from a healthcare professional or a Medicare representative to understand the full impact of terminating your coverage.
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How to cancel: contacting the SSA
To cancel your Medicare Part B coverage, you can contact the Social Security Administration (SSA) by calling 1-800-772-1213 (TTY: 1-800-325-0778) or by visiting your nearest Social Security office.
Before cancelling, you may need to have a personal interview to review the risks of dropping coverage and for assistance with your request. If you decide to proceed with the cancellation, you will need to fill out a form for Social Security and return your Medicare card. You can mail or fax a signed Form CMS-1763 (a request for termination of premium hospital insurance or supplementary medical insurance) to Social Security.
If you have recently received a welcome packet stating that you are automatically enrolled in both Part A and Part B, follow the instructions included to cancel Part B. Remember to return your Medicare card with your request, or you may still be liable for the Part B premium.
Your coverage will end at the end of the month following the month in which you filed the request. For example, if you file the request on April 5th, your coverage would end on May 31st. If you change your mind about cancelling, you must notify the SSA before the date your coverage ends.
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Cancelling Part B: gaps in coverage
Cancelling Medicare Part B can lead to gaps in your health insurance coverage. If you choose to cancel your Part B coverage, you may have to pay all the costs for services that Medicare covers, including hospital stays, doctors' services, medical supplies, and preventive services.
If you decide to cancel your Part B coverage, you will need to submit a form to Social Security and return your Medicare card. Your coverage will end at the end of the month following the month in which you filed the request. For example, if you submit your request on April 5, your coverage will end on May 31.
If you change your mind about cancelling your coverage, you must notify your local Social Security office before the date your coverage ends. If you do not, you may have to wait until the next General Enrollment Period (January 1-March 31 each year) to sign up again, and your coverage will start the month after you sign up.
If you do not qualify for a Special Enrollment Period when you reenroll, you will have to pay a monthly late enrollment penalty for as long as you have Part B coverage. This penalty goes up the longer you go without Part B coverage.
It is important to consider the potential consequences of cancelling Part B coverage, including gaps in coverage and potential financial penalties.
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Cancelling Part B: alternative insurance options
If you have Original Medicare, you usually pay a monthly premium for Part B. If you don't want Part B coverage, you can choose to opt for alternative insurance options.
Firstly, if you are still working when you become eligible for Medicare, you can opt to stay on your company's or your spouse's company's existing insurance plan. This means that you can delay Part B coverage. You won't have to pay a penalty if you decide to enroll in Part B later, but you must delay Part B before your Medicare coverage starts.
Secondly, you can continue to buy a policy through the ACA Marketplace. However, you will lose your premium subsidy once you become eligible for premium-free Part A, which may make premiums unmanageable.
Thirdly, if you have served or are currently serving in the military, the Veterans Affairs (VA) health care system or TRICARE may be alternatives. VA health services cover preventative care, inpatient hospital services, emergency services, mental health care, assisted living, and home health care. Some TRICARE plans require you to be enrolled in Medicare Parts A and B.
Finally, Medicare Advantage (Part C) plans are the most common alternative to Original Medicare (Parts A and B). These plans are sold by private providers and are a different way to get Medicare. You must already be signed up for Part A and Part B before you buy a Medicare Advantage plan.
To find out more about your options, you can enter your ZIP code on the Medicare website to pull up plan options available in your area, or contact your local State Health Insurance Assistance Program (SHIP) to get free personalized health insurance counseling.
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Cancelling Part B: filling out forms and sending your Medicare card
Cancelling Medicare Part B is a straightforward process, but it's important to understand the implications before proceeding. Firstly, it is recommended to have alternative coverage in place, as you may have to pay out-of-pocket for medical care. Additionally, there may be a gap in your health insurance coverage, and if you choose to re-enroll, you may have to wait until the next annual enrollment period and could be subject to a late enrollment penalty.
To cancel Part B, you can either contact the Social Security Association (SSA) by calling 1-800-772-1213 (TTY: 1-800-325-0778) or visiting your local SSA office, or you can follow the instructions in your welcome packet, if you have recently received one. If you choose to follow the instructions in your welcome packet, you will need to fill out Form CMS-1763 (a request for termination of premium hospital insurance or supplementary medical insurance) and send it back, along with your Medicare card. This can be done by mail or fax. If you choose to keep Part A, you will be sent a new Medicare card showing that you have only Part A coverage.
It is important to note that if you keep your Medicare card, you agree to keep Part B, and you will be responsible for the monthly Part B premium. Therefore, it is crucial to return your Medicare card with your request if you wish to cancel Part B. If you change your mind about cancelling Part B before the end date of your enrollment, you can notify your local Social Security office, but if you are reenrolling after this date and you don't have Part A, you will need to complete a new online application.
Before cancelling Part B, it is recommended to consider the risks, such as medical costs, late enrollment penalties, and coverage gaps. Additionally, Medicare Part B covers medically necessary and preventive services like doctor visits and other outpatient care, so it is important to ensure that you have alternative coverage in place to avoid paying out-of-pocket for these services.
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Frequently asked questions
You can voluntarily terminate your Medicare Part B coverage at any time. You can either contact the Social Security Association (SSA) by calling 1-800-772-1213 (TTY: 1-800-325-0778) or visiting your local SSA office, or you can follow the instructions in your welcome packet and send your Medicare card back.
Before terminating your Medicare Part B coverage, you should consider the risks, such as medical costs, late enrollment penalties, and coverage gaps. If you have other health insurance, you may want to consider hanging onto Medicare Part B.
If you change your mind about terminating your coverage, you must send a request to cancel the termination before the date that your coverage ends. If you are reenrolling after your coverage has ended and you don't have Part A, you'll have to complete a new online application with Social Security.
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