If you have a health plan through the Health Insurance Marketplace and will soon be eligible for Medicare, it’s not too early to start thinking about switching your coverage.

You can keep your current Marketplace plan until your Medicare coverage begins. The Marketplace plan can then be canceled without penalty.


When is it appropriate to apply for Medicare?

You’ll have a seven-month window to sign up for Medicare after you become eligible. This is three months before, three months during, and three months after they age 65 for most people.

It’s critical to enroll in Medicare when you first become eligible since after your Medicare Part A coverage begins, you’ll have to pay the entire cost of a Marketplace plan. This means you’ll no longer be eligible for any premium tax credits or cost-cutting assistance offered by your Marketplace plan. If you join Medicare after your Initial Enrollment Period, you may be assessed a late enrollment penalty. To avoid a coverage gap, make sure the conclusion of your Marketplace coverage coincides with the start of your Medicare enrollment. If your resources or income are limited, you may be eligible for financial assistance.


How to Get Rid of Your Marketplace Insurance

You can cancel your Marketplace application if you’re the only one who has signed up for it.

You’ll terminate Marketplace coverage for yourself if you and your spouse (or other household members) are enrolled in the same Marketplace plan, but you’re the only one eligible for Medicare. This way, anyone else using the Marketplace app will continue to have Marketplace coverage. Please find out how to do it here.


Learn more about the benefits of switching from the Marketplace to Medicare.