As long as you follow the requirements, you can cancel your Medicare insurance. However, the requirements for canceling Original Medicare differs from that of Medicare Advantage. For Original Medicare, you will need to visit the office of Social Security Administration. To cancel or disenroll from a Medicare Advantage plan, contact Medicare or notify or plan provider.
You can willingly cancel your Original Medicare (Part A and/or Part B) coverage. However, the Social Security Administration believes that this is a major decision. Hence, they recommend that you meet with a Social Security staff and have a personal interview. The staff will assist you with completing Form CMS 1763. Contact the Social Security Administration at (800) 772-1213 (TTY: (800) 325-0778) Monday through Friday from 8:00 a.m. to 7:00 p.m. to learn more about how to cancel Medicare Part B or book a personal interview. You can also get in touch with your local Social Security office.
You can disenroll from a Medicare Advantage or drug plan through any of the following ways:
You can cancel or disenroll from your Medicare Advantage or prescription drug plan during:
You may consider disenrolling from your Medicare Advantage or drug plan under the following circumstances:
Canceling your Medicare insurance is not inherently a bad thing. What is actually bad is having no health insurance at all. Thus, you should only think about terminating your Medicare insurance when you intend to replace it from your work, union, or a government-sponsored program. You should also be aware of when the coverage will begin.
Having no health insurance has drawbacks because, while no one plans on getting sick or injured, it happens. Having health insurance can safeguard you financially in the event of a major medical emergency. Even a mild illness can be very expensive to treat.
Medicare provides you with many treatment and preventive services. If you have to cover every medical service yourself because you do not have insurance, you might base your healthcare decisions on cost rather than what's best for your health. Furthermore, if you are unable to meet your medical bills, you may go into medical debt, limiting your options even further.
Yes, you can cancel your Medicare insurance in Texas without penalty. Your cancellation can happen immediately or at a later date. Consulting a Texas insurance agent may be your best option when you intend to discontinue your insurance coverage.
Ensure that you do not cancel it through nonpayment of premiums. Forcing your Medicare insurance to cancel because of nonpayment premiums has a few disadvantages. For example, the insurance company may bar you from buying any of their plans in the future.
You can cancel your Medicare Part B at any time. You will decide when you want your cancellation to take effect, either immediately or at a later date. Note, however, that you can cancel your Medicare Advantage and drug plan only during an enrollment period. Always check with a licensed insurance agent in Texas to determine if there are any cancellation fees if you cancel within a specified time.
You can drop your Medicare coverage if you get any of the following:
Medicare premiums in Texas are paid every month. Thus, you will probably not have any “unused” premiums when you cancel your plan. However, if you still have any, contact Medicare to know what can be done, particularly the possibility of a refund. Call Medicare on (800) 633-4227 or (877) 486-2048 for TTY.
You can also talk to a licensed insurance agent in Texas to know if you can get a refund of the unused premiums when canceling your plan.
You can simply contact the insurance provider of the plan and inform them that you want to rejoin the plan. If the plan was canceled because you failed to pay your premiums, you would first have to pay the outstanding premiums before the company would consider you.