Medicare is health insurance for people 65 and older, people under 65 with certain disabilities, and people of all ages with End-Stage Renal Disease (ESRD). If you don’t have Medicare, the Health Insurance Marketplace can help you find coverage that fits your needs and budget. If you have coverage through an individual Health Insurance Marketplace Plan (not through an employer) and are turning 65, you probably have questions about what to expect when you become eligible for Medicare.

Some people may want to choose Marketplace coverage instead of Medicare, for example, if they must pay a premium for Part A (hospital coverage). Once you are eligible for Part A, you cannot receive financial help from the Marketplace. If you continue to get help paying for your Marketplace costs after you have Medicare, you’ll have to pay back the difference when you file your taxes.

If you have a Marketplace plan not through an employer, you’ll usually want to end it during your Medicare Initial Enrollment Period to avoid gaps in coverage or potential late-enrollment penalties. Don’t end Marketplace coverage until you know your Medicare start date. Once you end Marketplace coverage, you cannot re-enroll until the next Open Enrollment Period unless you qualify for a Special Enrollment Period.

Can I Have Marketplace & Medicare?

No. If you have Medicare, you do not need a Marketplace plan, and it’s illegal for someone to sell you one if they know you have Medicare. The same rule applies even if you only have Part A (hospital insurance) or Part B (medical insurance). To add coverage to Original Medicare, contact LIFE Senior Services to learn about Medicare Supplement (Medigap) policies or other options, like Medicare Advantage (Part C).

Marketplace Health Insurance is designed for people without coverage. You may choose Marketplace coverage instead of Medicare in some situations, but once eligible for Medicare, you won’t qualify for Marketplace financial help. Using both incorrectly can create repayment obligations when filing taxes.

How To Cancel Marketplace Coverage

Once you’re eligible for Medicare, you must cancel Marketplace coverage.

1. Ending Coverage for the Household Contact
   The household contact is usually the person who created the Marketplace account. Contact the Marketplace to update the household contact if others are staying on the plan.
2. Ending Coverage for Everyone or Just Some People on Your Plan
   • CANCEL ONLINE
     healthcare.gov
   • CALL THE MARKETPLACE CALL CENTER
     (800) 318-2596

Coverage ends 14 to 28 days after cancellation, depending on the termination date you choose.

Need Assistance?

LIFE’s Medicare Assistance Program is Here to Help.
To find out more about Medicare, including how to sign up for Part A and B or add coverage, call LIFE’s Medicare Assistance Program at (918) 664-9000 or (918) 938-7682.

Source: Medicare.gov