Turning 65 & have Marketplace (Obamacare) Insurance? What Happens When Medicare Starts?

If you're turning 65 and currently have health insurance through the ACA Marketplace (Obamacare), don't assume your coverage will automatically transition to Medicare.

In most cases, becoming eligible for Medicare means it's time to move from Marketplace coverage to Medicare, and timing that transition correctly is important.

Can I Keep My Marketplace Plan After I Turn 65?

Technically, you may be able to keep a Marketplace plan, but once you're eligible for premium free Medicare Part A, you generally can no longer receive Marketplace premium tax credits to help pay for it.

That means a Marketplace plan that was affordable before Medicare eligibility could suddenly become much more expensive.

More importantly, keeping Marketplace coverage does not generally give you the same protection for delaying Medicare Part B that active employer group health coverage can.

If you delay Medicare because you kept your Marketplace plan, you could face a Part B late enrollment penalty and have to wait for an available enrollment period to get coverage.

When Should I Enroll in Medicare?

For most people turning 65, your Initial Enrollment Period lasts seven months:

• 3 months before the month you turn 65

• The month you turn 65

• 3 months after

If you're already receiving Social Security benefits, you may be automatically enrolled in Medicare Parts A and B.

If you're not receiving Social Security yet, you'll generally need to enroll yourself.

Don't wait until your Marketplace plan ends to start thinking about Medicare.

Ideally, start planning a few months before your 65th birthday so your coverage can transition without an unintended gap.

When Should I Cancel My Marketplace Plan?

Don't cancel your Marketplace coverage too early.

First, confirm the effective date of your Medicare coverage. Then coordinate the end of your Marketplace plan so you're not accidentally left uninsured.

If other family members are also covered on your Marketplace policy, be especially careful. You may need to remove only yourself while keeping Marketplace coverage for your spouse or other household members.

What Coverage Do I Choose After Medicare Starts?

Once you have Medicare Parts A and B, you generally have two main paths.

You can keep Original Medicare and potentially add a Medicare Supplement (Medigap) and a Part D prescription drug plan.

Or you can receive your Medicare benefits through a Medicare Advantage plan, which typically combines your hospital and medical coverage and often includes prescription drug coverage and additional benefits.

The right choice depends on much more than the monthly premium.

Consider your:

Doctors • Hospitals • Prescriptions • Travel • Budget • Healthcare needs

Don't Just Let Your Marketplace Plan Roll Over

If you're approaching 65 and have Marketplace insurance, this is one transition you want to plan ahead for.

Medicare has its own enrollment rules, deadlines and potential late penalties. Your Marketplace coverage doesn't simply become Medicare when you turn 65.

Turning 65 in Jacksonville? Medicare Melanie Can Help.

I'm Medicare Melanie, an independent Medicare agent in Jacksonville, Florida.

If you're currently on an ACA Marketplace plan and approaching Medicare eligibility, I can help you understand when to enroll, when your Marketplace coverage should end, and what Medicare options you have next.

The goal is simple:

End one coverage at the right time. Start the other at the right time. And don't accidentally leave yourself with a gap or penalty.

Have Medicare questions?

Medicare Melanie is here to help.

Schedule your free appointment with Medicare Melanie today by calling

(904) 582 - 8067