Generally, you can only drop Part A (Hospital Insurance) if you have to pay a premium for it, also called Premium-Part A. There are some risks to dropping coverage: – Your costs for health care: You may have to pay all of the costs for services that Medicare covers, like hospital stays, doctors’ services, medical supplies, and preventive services. – Gap in coverage: If you change your mind and want to sign up again later, you may have to wait until the next General Enrollment Period (January 1-March 31 each year) to sign up. Your coverage won’t start until July 1. – Late enrollment penalty: If you don’t qualify for a Special Enrollment Period to get Medicare later, you’ll have to pay a monthly late enrollment penalty for as long as you have Part B coverage. The penalty goes up the longer you go without Part B coverage. If you have to pay a penalty for Part A, you’ll pay it for twice as long as you go without Part A coverage. To voluntarily terminate your Medicare Part B (medical insurance) you may need to have a personal interview. Also a Social Security representative will help you complete Form CMS 1763. Kevin Leinum – your local Medicare Expert – can help you understand the many parts of Medicare and determine what the right fit is for you. Give me a call to discuss the options available to you.
