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My question is, do you lose eligibility for Obamacare the month you are eligible for Medicare? That seems to be the case from what I’ve read but I’m not sure. For example, if someone becomes eligible for Medicare in November and has had Obamacare from January through October, can they wait until January to sign up for Medicare and still keep Obamacare until then? When I become eligible for Medicare, I’d rather wait a month or two to enroll so I can start it at the beginning of a new year rather than switching for such a short period before the year ends. I get Obamacare from the NY State of Health marketplace, if that makes a difference.
The month that you turn 65 and become eligible for Medicare, you are no longer eligible for subsidies (if you are receiving them) with Obamacare/ACA. You would have to pay the full price for your insurance. Medicare + a supplement will be cheaper.
Also know that you must terminate your Obamacare plan by the 15th of the previous month (in your case, by October 15th). It isn't automatically shut off because you turn 65 and go on Medicare although the subsidies are shut off.
If you're not yet taking social security, the Medicare signup process won't automatically happen. You will need to go to the Social Security site and do the Medicare application. If you turn 65 in November, you can do this starting August 1st (three months before your birth month). Once you have your Medicare card/number you can enroll in a supplement and Part D (drug) plan, or an Advantage plan.
Yes, Medicare starts on the 1st of the month of your birthday month. If you turn 65 on November 15th, your Medicare starts on November 1st. But you have to sign up for it, of course. The signup period is seven months long -- the three months before your birthday month; your birthday month; and the three months after. Because you're transitioning from ACA/Obamacare, you'll want to do this prior to your birthday month. You can apply starting on August 1st. If you're not yet taking social security, the process can take 2-4 weeks (as I am recently learning).
If you haven't already done so, create your mySocialSecurity account on the SSA site. You'll need to do this before applying for Medicare. https://www.ssa.gov/myaccount/ Do the "Create New Account", not the sign in with ID.me.
You're supposed to cancel your ACA coverage before Medicare starts, because you are not supposed to be enrolled into two insurance plans are the same time. Ideally, you should be doing your cancellation by the 15th of the month before Medicare starts, because #1 your plan requires at least a 2 week notice that you are cancelling, and #2 the plan will end on the last day of the month, and you won't wind up with a gap in coverage.
The month that you turn 65 and become eligible for Medicare, you are no longer eligible for subsidies (if you are receiving them) with Obamacare/ACA. You would have to pay the full price for your insurance. Medicare + a supplement will be cheaper.
Also know that you must terminate your Obamacare plan by the 15th of the previous month (in your case, by October 15th). It isn't automatically shut off because you turn 65 and go on Medicare although the subsidies are shut off.
If you're not yet taking social security, the Medicare signup process won't automatically happen. You will need to go to the Social Security site and do the Medicare application. If you turn 65 in November, you can do this starting August 1st (three months before your birth month). Once you have your Medicare card/number you can enroll in a supplement and Part D (drug) plan, or an Advantage plan.
Are you sure that's accurate? Previously, you could keep your premium tax credit until your eligibility date for Medicare was reached. If you signed up after your 65th birthday but still within your initial Medicare enrollment period, you could keep your PTC until you started Medicare.
Here's a link to the thread I started that discussed this. However, this year, the law is changing so perhaps you're familiar with the changes. The 2020 form is no longer available so here's a link to the 2019 form.
If one does sign up after the month in which they turn 65, there is a penalty period before Medicare starts. Just be aware of the actual start date of Medicare if you choose to do this (assuming the new revisions to the law do not change this).
Last edited by mitchmiller9; 04-06-2021 at 01:09 AM..
Are you sure that's accurate? Previously, you could keep your premium tax credit until your eligibility date for Medicare was reached. If you signed up after your 65th birthday but still within your initial Medicare enrollment period, you could keep your PTC until you started Medicare.
Here's a link to the thread I started that discussed this. However, this year, the law is changing so perhaps you're familiar with the changes. The 2020 form is no longer available so here's a link to the 2019 form.
If one does sign up after the month in which they turn 65, there is a penalty period before Medicare starts. Just be aware of the actual start date of Medicare if you choose to do this (assuming the new revisions to the law do not change this).
I didn’t see your previous thread when I created this one but essentially this is the same situation I was asking about. ACA is less expensive for me than Medicare (not counting the high ACA deductibles) so I would like to keep it through the few months after I turn 65 (not this year but I am planning ahead). Also I would rather start Medicare at the beginning of the new year rather than having an Obamacare policy for ten months and Medicare for two. Tax reporting wise it’s just cleaner. (The first year of Obamacare when it was new I changed PTC after a couple of months and got two 1095-A forms for the year that did not reconcile and it was a headache to file my taxes.)
I asked the question to a person at the NY State of Health exchange and he said I should go on Medicare as soon as I was eligible but he didn’t really answer my question if I COULD keep ACA for a couple of months longer. The NYS policy forms say you have to contact them within 30 days after you qualify for other insurance. So if my birthday was November 15, I have until December 15 to let them know I qualify for another insurance (Medicare). From that, I think I could keep Obamacare at least for the full month I turn 65 and probably the next month.
My 65th birthday is in September. I'm planning to wait until November to sign up for Medicare. I would wait until December, but I'm afraid I won't have my Medicare card in time to sign up for Part D. My initial enrollment period for Part D expires the end of December.
If I sign up in November, my Medicare start date is February 1.
That said, the IRS is changing the law, so I'll just have to keep checking to see when the new form 974 is published, since they revoked the old 2020 form. This appears to be a big fat loophole that most people are unaware of, so perhaps it will be closed this year. I'm also thinking about contacting a broker if it doesn't cost anything, to run this by someone that does this for a living. However, the IRS document is quite clear. I have a bronze ACA policy.
My PTC covers 100% of my Obamacare premiums. However, NV always denies me the PTC so I get it all back when I file taxes with the IRS. I plan to go with original Medicare and AARP Medigap Plan N + the cheapest Part D. The monthly cost is around $400 so I'll save 5 months paying $400 in Medicare premiums (Sep - Jan).
Last edited by mitchmiller9; 04-06-2021 at 02:32 AM..
"To be eligible for the premium credit, you should not be eligible for any other health insurance coverage such as offered by your employer, Medicaid or Medicare, he said."
"When you turn 65, you will have to apply for Medicare if you are eligible for it."
"To be eligible for the premium credit, you should not be eligible for any other health insurance coverage such as offered by your employer, Medicaid or Medicare, he said."
"When you turn 65, you will have to apply for Medicare if you are eligible for it."
From the link:
“You have a seven-month period enrollment period — three months before the month you turn 65 to three months after the month,” he said. “Once your Medicare Part A coverage starts, you will no longer get premium credit through the ACA. If you continue to keep your marketplace health plan, you will have to pay the full cost.”
So if someone enrolls for example two months after turning 65, they won’t have Medicare Part A for several months after turning 65. The link says you won’t get the PTC once Medicare Part A starts. Since you don’t have Part A, it sounds like a person could continue getting the PTC for several months after turning 65. I am not saying that interpretation is correct but it’s not as cut and dried as saying the month you turn 65 you unconditionally lose the PTC. If that was the case, why not just say it? They couch it in terms like “once Medicare Part A coverage starts” but you don’t have to start Medicare Part A the month you turn 65.
You may be right but I will see what that IRS publication says when it is released. Your replies and info are much appreciated!
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