Last Updated on by
Are you currently enrolled in a plan through the Health Insurance Marketplace and soon-to-be Medicare eligible? You probably have questions about the future of your coverage. We’re here to help you navigate this change in your health care needs and avoid unwanted costs along the way.
Are the Marketplace and Medicare the Same
These two programs are not the same. The Affordable Care Act (ACA), also known as Obamacare, mandates the availability of a marketplace for the purchase of health insurance in each state. Through this marketplace, health plans can be purchased for individuals, families, and small businesses who otherwise lack health coverage.
People who need to purchase their coverage through the Health Insurance Marketplace should visit HealthCare.gov. Medicare is a federal health care program in the U.S. for those aged 65 and over. It also covers disabled individuals under 65 receiving Social Security Disability Income benefits for 24 months or more and those diagnosed with Amyotrophic Lateral Sclerosis or End-Stage Renal Disease.
Can I have Medicare and Marketplace coverage at the same time?
How Does the Affordable Care Act Affect Medicare
Those with coverage through Medicare aren’t affected by the Health Insurance Marketplace. If you’re currently on a plan that you purchased through the Marketplace but are aging in or are becoming eligible due to a disability, we’re here to help you understand this change. You can keep your plan that you purchased through the Marketplace until the start of your Medicare coverage.
Which Medicare Programs are Covered by ACA Section 1557?
Can I Choose Marketplace Coverage Instead of Medicare
How Do I Switch from Obamacare to Medicare?
Use your Initial Enrollment Period to enroll in Original Medicare. When aging in, this seven-month period starts three months before the month of your 65th birthday and ends three months after. It’s beneficial to use this enrollment period to avoid penalties for delaying Parts A and B.
You can keep your Marketplace, or Obamacare, plan until your Medicare coverage begins. If you’ve worked a minimum of 40 quarters, you get Part A premium-free, so there’s no need to delay enrollment.
Your eligibility for premium tax credits and other savings ends when your Part A begins. This means that you’d be paying full price for your Marketplace plan, so it’s beneficial to entirely switch to Medicare. Be sure you know when your coverage starts before ending your Obamacare plan.
How to Transition from Obamacare to Medicare
We know that the process of starting Medicare after years of Marketplace coverage can be confusing. We’re here to help you understand and set up your new health care. We work with top carriers and keep cost in mind at the same time.
Call us at the number above or fill out our online rate form. An agent licensed in your state will be in touch soon with your unique rate quotes. Every day, we help people find the best plans to fit their needs and budget. We look forward to doing the same for you.