Medicare - Can I Keep My Marketplace Plan When I’m Enrolled In Medicare?

Question regarding Medicare and Marketplace plans is answered in this Kaiser Health News (KHN) article by Michelle Andrews.

The question was whether one could keep their Marketplace health insurance plan at age 65 or do they have to enroll in Medicare? Technically you don’t have to give up your Marketplace health insurance plan when you turn 65 years old, but financially it doesn’t make sense to keep it. Once a person is eligible for Medicare they will no longer qualify for any premium tax credits on the Marketplace plans, making that coverage more expensive. In addition, one may face higher Medicare premiums in the future if they don’t enroll in Medicare coverage when first eligible.

The penalty for delaying enrolling in Medicare Part B when first eligible could be 10%. In addition, the penalty for delaying enrollment in Medicare Part D when first eligible could be 1% for every month delayed, and the penalties can continue the rest of your life while on Medicare.

To read the entire article, click on the link below.

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