Are you looking to cancel your Medicare health insurance benefits? There are certainly reasons to end coverage. You may have a better insurance plan through work or a union. However, canceling the Medicare program’s benefits can have some severe repercussions. It’s imperative to understand how canceling now will affect you in the short and long term.
Canceling your Medicare plans can affect your ability to reacquire Medicare in the future, both in what is available to you and its costs. Even if you had coverage previously, re-enrolling later will likely result in late fees and higher premiums. It can even lead to health audits that might restrict your options. It’s also important to remember that no medical insurance could result in fines when it comes time to file taxes.
Can I Cancel Medicare Part B?
Because canceling Medicare Part B healthcare coverage is a serious decision with consequences, such as a late enrollment penalty, ending your coverage with a quick phone call or a click online is impossible. To voluntarily drop your Medicare Part B medical insurance, you must have a personal interview with a Social Security representative.
Cancellation can be made either over the phone or in person. The interview is designed to ensure you fully understand what canceling means regarding your ability to reacquire Medicare.
How to Cancel Medicare Part B
Even though it’s not recommended to cancel Part B, you can cancel Medicare Part B during the General Enrollment period. The GEP runs from January 1 to March 31.
Can I Cancel Medicare Part C?
You need to contact your provider directly to cancel your Medicare Part C (also known as Medicare Advantage) without enrolling in a new plan. You may be able to do so online, or you might need to call during business hours. The provider might require you to complete a form to return.
How to Cancel Medicare Part C
Medicare Part C plans are contracted plans that lock you in until December 31 unless you have another enrollment period. Terminating a Medicare Advantage plan can only occur during a valid enrollment period. You can drop your Medicare Advantage plan if you have an enrollment period. Unless you’re replacing your current plan, you must contact your plan to cancel.
Can I Cancel Medicare Part D?
To drop your Medicare Part D drug plan, you must do so during the Open Enrollment period of October 15 through December 7. An exception to this time frame is if you’re getting creditable prescription drug coverage, which you can cancel when receiving your new coverage. To disenroll, you can either:
- Call Medicare
- Mail or fax a signed written notice to the plan telling them you want to disenroll.
- Submit a request to the plan online, or call your plan provider and request a disenrollment notice (which you must complete and return).
Just remember that if you go 63 days or more in a row without a creditable prescription drug coverage, if you desire to rejoin Medicare Plan D in the future, you will have to wait for the Annual Enrollment Period and may have to pay financial penalties.
Your plan must provide you annually with a notice of creditable coverage. Suppose your plan was creditable before but lost its status. In that case, you might qualify for a Special Enrollment Period should you re-enroll in Medicare Part D.
How to Cancel Medicare Part D
Like Medicare Advantage, Medicare prescription drug coverage requires a valid enrollment period, such as the Annual Enrollment Period, to cancel your plan. If you’re in an enrollment period, you can either contact your plan to cancel or enroll in a new Medicare Advantage or Part D prescription drug plan. Doing so will automatically cancel your current plan.
Can I Cancel Medicare Supplement Insurance?
Medicare Supplement plans are month-to-month renewable contracts. Your insurance company can’t drop you if you’re paying your premium. By the same token, you can drop a Medigap plan anytime. Different plans have different requirements that can drop the plan.
How to Cancel Medicare Supplement Insurance
To cancel a Medicare Supplement plan, contact your Medicare Supplement insurance company for their disenrollment process. Some programs require written notice. However, others allow cancellation over the phone.
How To Cancel Medicare Online
You should think long and hard before canceling Medicare, as you could incur penalties. You must cancel Medicare in person at your local Social Security office or over the phone. There isn’t an option to cancel online.
Can I cancel my Medicare insurance at any time?
No! It depends on which type of Medicare coverage options you have. The coverage type will determine when you can cancel. For most Medicare and Medicare plan types, you must have a valid enrollment period to terminate your coverage.
Can Medicare ever be canceled?
Yes! You can cancel the Medicare health insurance program. However, you may have to wait for an enrollment period before canceling.
When can I disenroll from Medicare?
Typically, enrollees must wait until the General Enrollment Period to disenroll from their Original Medicare. The exception would be if you returned to work and became eligible for creditable group coverage.
Can I cancel my Medicare coverage if I am not satisfied with the coverage?
You can always drop coverage but can’t necessarily drop coverage just because you’re unsatisfied. Depending on the health plan, you may have to wait for an election period.
How do I cancel my Medicare insurance?
To terminate Original Medicare, a beneficiary must contact the Social Security Administration. The cancellation request must be completed over the phone or in person.
Can I cancel my Medicare insurance if I am eligible for another insurance?
Yes! If you become eligible for other healthcare that’s considered creditable coverage, such as a group employer plan.
Who can I contact to cancel my Medicare coverage?
To terminate Original Medicare, contact the SSA. Contact your insurance company to terminate your Medicare Supplement, Medicare Advantage, or Part D plan coverage.
How to Get Help Determining the Right Coverage for you
Our licensed agents are here to help. They can assist in identifying your needs and matching you to the correct coverage. Fill out our online request form or call us for assistance.