If you recently started a job that offers employer health coverage, but you already have Medicare, you might hesitate to even consider the employer health plan. But did you know if you currently have Medicare Part B and start a job at a company with 20 or more employees that offers creditable employer health coverage, you can join the employer plan and drop your Medicare Part B if you choose to.
Here’s an example: Roberta decides to go back to work and finds out her job offers creditable employer health coverage. Roberta currently has Medicare part A and B but wants to join the employer plan. She is able to join her employer plan and drop her Part B so she doesn’t have to continue paying a part B premium. If her new employer also has an HSA (Health Savings account) and she wants to contribute to it, she can drop Part A as well.
If you do this, when your employer coverage ends you have a special election period that lasts 8 months where you can reenroll in Medicare Part B. Although you have 8 months to reenroll in Part B if you want to enroll in a Medicare Advantage plan you must do so within 63 days of leaving your employer plan.
How to Drop Part B and/or Part A
You can’t drop your Medicare Part B online; you will have to do so in person or by mail. If your employer’s coverage is primary and you decide to drop Part B, you’ll need to submit Form CMS-1763 to the Social Security Administration.
In Person or by Mail:
You can do so in person at your local Social Security office or by mail. If you choose to do so by mail and you sign by marking ‘x’ you will need two witnesses present. They must know you and they will need to supply their names and addresses.
Where to find Form CMS-1763:
You can print a copy of Form CMS-1763 here.
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