For most retirees, it is a good idea to sign up for Medicare as soon as you are eligible (age 65). Once you are eligible for Medicare, you’ll have an Initial Enrollment Period to sign up for Medicare. For most people, the Initial Enrollment Period starts three months before their 65th birthday and ends three months after their 65th birthday.
If you are enrolled in health insurance coverage through BeWell, you can keep it until your Medicare coverage starts. However, you should cancel your BeWell coverage as soon as you enroll in Medicare. That way, you will avoid paying full price for a plan through BeWell. Your plan through BeWell will not automatically be cancelled—you must take action to cancel your plan.
If you recently enrolled in Medicare Part A or Part C, or are eligible for premium-free Medicare Part A, you are not eligible for Advance Premium Tax Credits (APTC). This is because you have another source of Minimum Essential Coverage (MEC). Visit the Medicare website for more information.
If you retire before age 65 and lose your job-based health insurance plan, you can buy coverage through BeWell. Losing health coverage qualifies you for a Special Enrollment Period (SEP). When you fill out your BeWell application, you will find out if you qualify for APTC to lower your out-of-pocket costs for health insurance. This will depend on your household size and household income.
If you are eligible for Medicare but choose not to enroll in Medicare, you may qualify for premium tax credits and lower out-of-pocket costs on plans through BeWell based on your household size, zip code and income.
If you voluntarily drop your retiree coverage, you won’t qualify for a Special Enrollment Period to enroll in a plan through BeWell. You will need to wait until the next Open Enrollment Period to enroll in health coverage.
Questions? Call 833-862-3935, chat with us, or schedule a free appointment with a certified assister.
