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| *Ostroff, Fair and Company>>>Insurance |
When should Medicare Part B not be purchased? |
I have employer provided health insurance that I can carry into retirement. Is it still necessary to buy into Medicare Part B According to the federal Tax Equity Fiscal Responsibility Act of 1982 (TEFRA), neither an employer nor an insurer can force you to enroll in Medicare Part B. Unless you plan to retire at your normal retirement age within 6 months, enrolling in Medicare Part B will force you to forfeit the one-time 6-month open enrollment period for Medicare Supplement coverage. Your open enrollment for Med Supp coverage runs 6 months from the date you have attained age 65 (or older) AND have enrolled in Part B. During this open enrollment, you cannot be asked questions regarding your health; outside of the open enrollment, you will be asked to complete a medical questionaire and can be turned down due to health reasons. If you have a pre-existing condition that would prevent you from qualifying for a particular Med Supp policy, you should defer enrollment in Part B of Medicare until you are ready to purchase a Med Supp policy. Although you state you have group coverage now, what if the retiree premium is too high for you to pay? What if your employer decides to cancel the policy and offer nothing? What if your employer shuts down and the policy cancels? You'd be left with Medicare Part A and might not be able to buy a Med Supp policy. You might want to contact your state insurance commissioner's office to see if you have greater rights than what the federal provisions permit. I hope this helps. |
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