For most American citizens, Medicare coverage starts when they reach 65 years of age. Many people who are eligible for Medicare benefits are automatically enrolled in Medicare Part A and Part B. If you pay Medicare tax, you receive Medicare Part A benefits for free.
Medicare Part A
You cannot cancel free Medicare Part A (hospital insurance) coverage once you are enrolled. Medicare Part A is free for citizens and their spouses who have paid Medicare tax, and enrollment is not voluntary. You do not have to pay any premiums for its coverage; being enrolled in Part A is a benefit the federal government gives you.
However, if you are not eligible for free Part A coverage, you can buy it if you are older than 65, if you enroll in Medicare Part B (medical insurance) and if you are a citizen or permanent resident. If you decide to buy Part A coverage, you can cancel it at any time.
Medicare Part B
You may be automatically enrolled in Part B, which happens when you turn 65 years of age and if you are already receiving retirement benefits (or other Social Security benefits). You can cancel its coverage if you do not want to pay its premiums. To cancel Part B, follow the instructions on the Medicare card that you receive three months before your 65th birthday and return it to the Social Security office. If you do not want to pay any premiums, you have to do this as soon as you receive the card. If you decide you no longer want to keep Part B, you are allowed to cancel it later on.
Medicare Part C and Part D
Medicare Part C provides private coverage through plans that offered additional services to Part A and Part B. Part D provides coverage with prescription drug costs. You are not automatically enrolled in Medicare Part C or Part D, and you must pay monthly premiums to use their coverage and benefits.
If you want to enroll, you must sign up with Medicare (or directly with the plan you choose). If you do enroll in these plans, you must do it by enrollment period dates. During these periods, you can also cancel your coverage if you no longer want to pay the premiums or if you have other insurance that provides you with the same coverage.
Considerations
Before you decide to cancel your Medicare coverage (Part B, Part C and Part D), you need to consider the consequences of your decision. If you cancel your Medicare coverage now and try to enroll again later, you might be required to pay a late penalty along with your Part B and Part D monthly premiums. If you have any other insurance that gives you the same coverage as Medicare, you might be able to avoid the penalty when you enroll again.
Tags: Medicare Part, Part Part, automatically enrolled, cancel your, enrolled Medicare, enrolled Medicare Part, Medicare coverage
