Can I drop Medicare Part B anytime?

Medicare Part B is a part of Original Medicare. While it is technically optional, most people enroll in Part B when they enroll in Medicare for the first time. If you are enrolled in Part B, there are certain situations in which you may want to disenroll. Read on to learn about when you can drop Part B.

What is Part B?

Medicare Part B is the part of Medicare that deals with outpatient services. Specifically, Part B covers outpatient costs, preventive services, equipment, and laboratory testing. Essentially, think of most services you might receive at your doctor’s office. Those would be covered by Part B.

Part B is technically optional, but most people decide to enroll. Part B has a monthly premium of around $150 per month.

Why You Might Want to Disenroll From Part B

As mentioned above, Part B is a vital part of Medicare. It covers important aspects of healthcare, like doctor office visits and laboratory tests. You may be wondering why you would want to drop such an important part of Medicare at all. Some people may want to drop Part B because they are starting a job that already covers the same parts of healthcare that Part B covers. Getting rid of Part B would get rid of one more monthly premium and their health insurance would still cover the same services. Other people may not be able to pay the monthly premium and decide the disenrolling is in their immediate best interest.

How to Disenroll

You can technically disenroll in Part B at any time. However, the process itself can be a little tedious. You first have to fill out a form called CMS-1763. This form must be completed by a Social Security representative. You must complete an in-person or phone interview so that Social Security knows that you understand the consequences of dropping Part B.

Consequences of Dropping Part B

There are a few things you should be aware of before you drop Part B. The main consequence is that you may be subject to a late fee if you decide to return to Part B at a later date. However, if you are leaving Part B because you have new employer coverage, you will not be subject to this late fee.

For all of your Medicare questions, contact Temmen Insurance today.

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