Question please. If at 65 ( don't receive SS yet ) have enrolled in Part A and B but now 6 months later I would like to go back to work. Medical being company provided, can I cancel Part B for the working period with no penalty and when re-enroll again I will still be eligible for Medigap? Thank you
In that case, you would be able to cancel your Part B using the form CMS 1763 and have a brief interview with Social Security to make sure you want to cancel it. When you re-enroll in Part B, it is a tricky subject since, technically, your Medigap Open Enrollment only occurs once when you first begin Part B, but some Medigap companies may make an exception when you re-enroll in Part B. If you can't enroll using Medigap OEP, you could go through underwriting to get a Medigap plan, or you may have Guaranteed Issue rights based on leaving employer coverage
Good question. The base Part B premium is $174.70/month. This means you pay that amount per month to the federal government to have your Medicare Part B coverage in place. Then, if you enroll in a Medigap Plan G to go with your Original Medicare coverage, your Plan G would cover the costs for all Medicare approved services once you have paid your Part B deductible which for 2024 is $240. So the $240 is paid once for the year and not per month.
Question please. If at 65 ( don't receive SS yet ) have enrolled in Part A and B but now 6 months later I would like to go back to work. Medical being company provided, can I cancel Part B for the working period with no penalty and when re-enroll again I will still be eligible for Medigap? Thank you
In that case, you would be able to cancel your Part B using the form CMS 1763 and have a brief interview with Social Security to make sure you want to cancel it.
When you re-enroll in Part B, it is a tricky subject since, technically, your Medigap Open Enrollment only occurs once when you first begin Part B, but some Medigap companies may make an exception when you re-enroll in Part B. If you can't enroll using Medigap OEP, you could go through underwriting to get a Medigap plan, or you may have Guaranteed Issue rights based on leaving employer coverage
So I'm little confused about plan g. You said early in the video, part b is 174.00. And later you said part b is 240.00. So would I have to pay both
Good question. The base Part B premium is $174.70/month. This means you pay that amount per month to the federal government to have your Medicare Part B coverage in place.
Then, if you enroll in a Medigap Plan G to go with your Original Medicare coverage, your Plan G would cover the costs for all Medicare approved services once you have paid your Part B deductible which for 2024 is $240. So the $240 is paid once for the year and not per month.