Did you buy health insurance through the Health Marketplace? If you did there are some things to think about when you’re ready to sign up for Medicare.
Can I Have A Marketplace Plan and Medicare?
You can keep your Marketplace plan until your Medicare coverage starts, and if you want, you can keep it afterwards. However, if you decide to have both your Marketplace plan and Medicare coverage, know that you won’t be eligible for any premium tax credits or cost savings you previously got from your Marketplace plan.
If you have both, your Marketplace plan has no impact on your Medicare coverage.
Having both a Marketplace plan and Medicare only applies for people who have a Marketplace plan before getting Medicare. You cannot get a Marketplace plan after you have any part of Medicare. It’s against the law for someone to try to sell you one if you have Medicare.
Can I Delay Medicare Enrollment with A Marketplace Plan?
No. Once you become eligible for Medicare at 65 you need to enroll during your Initial Enrollment Period to avoid late enrollment penalties. You will have 7 months to enroll in Medicare including the 3 months before the month you turn 65, the month of your birthday and the 3 months after.
Don’t Be Worried About Replacing Your Marketplace Plan
If you’re worried about getting Medicare and ending your Marketplace plan, don’t be. As long as you have at least Medicare Part A (hospital coverage), you meet the coverage requirements and do not need a Marketplace plan. Again, it’s against the law for someone who knows you have Medicare to sell you a Marketplace plan. This is true even if you have only Part A or only Part B.
If you’re getting ready to sign up for Medicare, here is a great resource to help you get the enrollment process started.
Now, if you’re ready to cancel your Marketplace plan and get Medicare, here is a helpful article on how to cancel your Marketplace plan.