If you have a Marketplace plan, you can keep it until your Medicare coverage starts. Then, you can cancel the Marketplace plan without penalty.
If you like, you can keep your Marketplace plan too. But if you’ve been getting premium tax credits or other savings on a plan you bought through the Marketplace, these savings will end once your Medicare Part A coverage starts. So you’d have to pay full price for the Marketplace plan
Let’s assume you have a Marketplace plan and are turning 65 sometime this year.
Once you’re eligible for Medicare, you’ll have an initial enrollment period to sign up for Medicare. For most people, the initial enrollment period starts 3 months before their 65th birthday and ends 3 months after their 65th birthday.
Once your Medicare Part A coverage starts, you won’t be able to keep any premium tax credits or other savings for a Marketplace plan based on your income. You’ll have to pay full price for the Marketplace plan.
If you want coverage to supplement Medicare, you can get Medicare supplement (Medigap) insurance. You cannot supplement Medicare with a Marketplace plan. It’s against the law for someone who knows that you have Medicare to sell you a Marketplace policy. This is true even if you have only Medicare Part A or only Part B.
For prescription drug coverage, you can buy a Medicare Part D drug plan..
You can learn about other Medicare options, like Medicare Advantage Plans.
To cancel your plan online, follow the instructions that best describe your situation:
Be sure not to cancel your Marketplace plan before your Medicare coverage begins. Otherwise, you may have a gap in coverage.
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