Before we talk about how to cancel your Marketplace plan, if you haven’t already read the “How to Transition from the Health Marketplace to Medicare” article, we strongly suggest doing that first. It will help answer some important questions such as if you can have both a Marketplace plan and Medicare or if you can delay Medicare, as well as help alleviate any concerns you may have over replacing your plan with Medicare.
If you purchased your current health plan through the Health Marketplace (the Health Exchange) and now you want to cancel it because you’re about to enroll in Medicare, here is what you need to know.
How to cancel your Marketplace plan
You can cancel your Marketplace plan either online or on the phone.
You can cancel your Marketplace plan online, but because you may not be the only person on the plan take note of the below.1
If you are the only person on your Marketplace health plan and you want to cancel coverage.
- Termination can go into effect the day you cancel or at a date you choose in the future.
If there are two or more people on your Marketplace health plan, but only certain individuals want to cancel coverage.
- In most cases, the coverage will end immediately.
- For those individuals you don’t cancel for, coverage may not end immediately, and these people usually qualify for a Special Enrollment Period to get new health insurance.
Your specific situation impacts when and how to impact your Marketplace plan, so click here for more information and further instructions.
Cancel by phone
To cancel a plan or ask a question, you can cancel Marketplace coverage for all household members by calling the Marketplace Call Center at 1-800-318-2596 (TTY: 1-855-889-4325). Available 24 hours a day, 7 days a week.
Do not cancel your Marketplace health plan until you know for sure when your Medicare coverage starts, otherwise you may have a gap in coverage.
Report income & household changes when cancelling your Marketplace plan
Any income and household changes should be reported immediately upon cancelling coverage as this information may impact coverage and cost savings. For example, what savings you qualify for may change and your tax liability may also alter.
You can learn more about this and what do here.
Before you cancel, keep these things in mind
Now that you know how to cancel your Marketplace plan, just friendly reminders of some important things to keep in mind before you do.
- You won’t be eligible for premium tax credits or other Marketplace plan savings once your Medicare Part A coverage starts. You’ll have to start paying full-price for your Marketplace plan. Keep your Marketplace health plan coverage in effect until the day your Medicare coverage begins or you could risk having a gap in health coverage.
- You can cancel your plan at any time throughout the year, but you need to cancel your Marketplace health plan at least 14 days before you want your coverage to end. Enrolling in Medicare doesn’t cancel your Marketplace plan, nor does cancelling through your plan provider. You need to cancel with the Marketplace center.
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