Owner/Agent, Pelfrey Financial Services, Lexington, KY
You can decline Medicare part A with several restrictions. You cannot get Medicare part B without having part A. Additionally, you will face a significant penalty for signing up after age 65 if you do decline Medicare part A.
The one time individuals should decline Medicare part A is if they continue to work beyond age 65 and have employer provided health insurance. In that circumstance, the individual can sign up for Medicare when they retire, leave the company, or lose employer coverage with no penalty. Contact your company HR or local Social Security office for details. The company will normally provide a document to the Social Security Administration that the individual have employer coverage up until a certain date. It is important to start the process at least three months prior to your retirement.
Independent Insurance Agent, Maine Medicare Options, Maine
Yes, if you are not collecting your Social Security benefits you can delay both your Part A and Part B enrollments. You cannot decline Part A while collecting Social Security benefits. Since Part A does not have a monthly cost for most people it is rare that someone would decline enrollment. However if you have an employer plan and you contribute to an HSA as part of your health insurance plan than you might want to postpone enrolling in Part A. The takeaway here is that you should delay Social Security benefits and decline Part A if you wish to continue contributing funds to your HSA. To read more about this go to http://www.mainemedicareoptions.com/blog/medicare-health-savings-accounts
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The one time individuals should decline Medicare part A is if they continue to work beyond age 65 and have employer provided health insurance. In that circumstance, the individual can sign up for Medicare when they retire, leave the company, or lose employer coverage with no penalty. Contact your company HR or local Social Security office for details. The company will normally provide a document to the Social Security Administration that the individual have employer coverage up until a certain date. It is important to start the process at least three months prior to your retirement.