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I have a relative who is 66 and is insured through a large group plan. The guy also enrolled in part B about a year ago thinking he would get help for a shoulder surgery.
Anyway he is a high earner and Part B is costing him a lot of money. He wants to drop plan B now since he is still planning on working for a few more years and will have group coverage but want to know the ramifications of doing so. I am aware of Social Securty interview that is required and the form CMS 1763 which must be filled out, but I have a question about future rights on buying a Medigap Policy. Medicare.gov says the following in their Q/A section:
"Question: I currently have Part B but I (or my spouse) have returned to work, and I now have group health coverage from my employer or union. I don’t think I need both Part B and group health coverage. What can I do?
You may want to delay Part B if you or your spouse still work and have employer or union group health plan coverage. If you drop Part B, you can sign up for it again in the future during a Special Enrollment Period.
Answer: Make sure your group health plan coverage is in effect before you drop Part B. In this case, you won't have to pay a late enrollment penalty. Remember, when you drop Part B, your coverage ends the next month. Also, if you drop Part B after you turn 65, you won’t get another Medigap open enrollment period when you restart Part B."
So MEdicare is saying he won't get an "OPEN ENROLLMENT" for Medigap when he re-enrolls later on. But will he get a guaranteed issued enrollment since he will be leaving a group plan when he restarts Part B?
Thanks in advance!
Anyway he is a high earner and Part B is costing him a lot of money. He wants to drop plan B now since he is still planning on working for a few more years and will have group coverage but want to know the ramifications of doing so. I am aware of Social Securty interview that is required and the form CMS 1763 which must be filled out, but I have a question about future rights on buying a Medigap Policy. Medicare.gov says the following in their Q/A section:
"Question: I currently have Part B but I (or my spouse) have returned to work, and I now have group health coverage from my employer or union. I don’t think I need both Part B and group health coverage. What can I do?
You may want to delay Part B if you or your spouse still work and have employer or union group health plan coverage. If you drop Part B, you can sign up for it again in the future during a Special Enrollment Period.
Answer: Make sure your group health plan coverage is in effect before you drop Part B. In this case, you won't have to pay a late enrollment penalty. Remember, when you drop Part B, your coverage ends the next month. Also, if you drop Part B after you turn 65, you won’t get another Medigap open enrollment period when you restart Part B."
So MEdicare is saying he won't get an "OPEN ENROLLMENT" for Medigap when he re-enrolls later on. But will he get a guaranteed issued enrollment since he will be leaving a group plan when he restarts Part B?
Thanks in advance!