Can i drop my medicare part b?
Ah, the age-old conundrum. You’ve finally reached the point in your life where you qualify for the infamous “Medicare,” yet you’re still unsure whether or not to drop your Part B coverage. Luckily for you, we’re here to break it down and add a little humor along the way.
What is Medicare Part B?
Before we get into everything else, let’s define what Medicare Part B actually is – otherwise known as Medical Insurance. It covers medically necessary services such as:
- Doctor visits
- Outpatient care
- Preventive services
- Durable medical equipment (DME)
- Ambulance services
Now that’s all well and good… But wait – there’s more!
The Cost of Part B
Unfortunately, these “medically necessary” services come with a price tag. And trust us when we say it doesn’t come cheap.
As of 2021, there are two primary costs associated with enrolling in Medicare Part B: a monthly premium and an annual deductible.
Monthly Premiums
The standard amount most people pay per month for their Part B coverage is $148.50 (cue gasp). However, this number can vary depending on income level and other factors outlined on Medicare.gov.
Annual Deductible
Once enrolled in Part B coverage, beneficiaries have an annual deductible that they must meet before their insurance kicks in fully; currently sitting at $203.
So essentially… you’re paying hundreds every year just so one day when something bad happens to your health, insurance will kick in (but only after meeting another arbitrary financial checkpoint)?
Right-o…
Why Would Someone Want To “Drop” Their Coverage?
Great question! Deciding whether or not to drop your Part B coverage completely depends on your circumstances.
Coverage Overlap
Let’s assume you’re at a job where they’re providing health benefits. And let’s say those benefits provide the same (or greater) medical services as that of Medicare Part B.
In this scenario…
You guessed it…
We have some overlap!
What would be the point in paying for something twice? Sure, if Plan A doesn’t cover something your body and soul need then Plan B might do its thing. But hypothetically speaking, it would be more financially sensible to stick with what provides more coverage broski.
Insurance Premiums are Expensive Enough
Ever looked at just how much money goes towards insurance?
Between Car insurance, Life insurance and whoever Tf else is trying to make a buck off ya — sometimes it feels like expenses never end – One day Mt Everest level stack will overtake my desk again.. Sigh. Then add the cost of Medicare onto all that? Sounds about dreadful right?
Medicare seems great in theory but…you’re retired now. Do you really wanna continue dumping tax dollars into Medicare once your employer-provided healthcare kicks in?
Didn’t think so..
Altogether , It may not seem worth keeping around BOTH plans when there’s already enough dough being dished out elsewhere which makes “dropping” part of medicare worthwhile- Yippee!
How To Drop Your Part B Coverage
Now we’re getting fancy– enough jokes maybe (doesnt promise anything).
Dropping coverage can usually be done by calling Social Security or filling out form CMS-1763 here: https://www.cms.gov/cms-forms/cms-forms/downloads/cms1763.pdf. You can also visit their website https://secure.ssa.gov/iClaim/rib/Form if you want to send an internet claim.
It’s important though–Read carefully to make sure you understand the rules and regulations that come with dropping this part of your coverage.
Things To Consider Before You Drop
At the end of the day, whether or not you “drop” Part B is entirely dependent on your lifestyle and circumstances. Although we presented a few reasons why somebody would want to drop it… Every case is truly specific folks.
With that said there’s quite a lot to factor into one’s choice when talking about health insurance! So let’s figure out what exactly those considerations are:
Life Expectancy
A person’s estimated lifespan has an impact on how much use they could get from Medicare – In saying so, for example, Depending on your age range… We would highly say not to throw away parts A/B until further notice seeing as life expectancies now generally have extended compared our elders.
Medical History
You know better than anyone else which medical issues have popped up in the past- Did each issue warrant mere band-aids or full-blown surgery? If previous medical problems cost users more than $1k it may be wise to keep around just incase something similar happens down the line again!
Retirement Goals
Full-time RV’ing anybody? Constant travel overseas perhaps awaits? These factors matter as healthcare treatment access can vary widely depending location and global access outside USA first hand experience speaking here !)
It all comes down To Personal Preference at this point we’ve outlined options but ultimately It’d only be YOUR best knowledge if Part B isn’t worth keeping.
Long-Term Care Insurance Policies
Before considering anything final always see if long term care policies are within grasp because these will include different types of benefits available for additional help later; Mere Medicare won’t cover everything related Assisted Living like some people tend think). Okay Okay Ill stop frightening Y’all.
Wrapping Up Our Thoughts
Is dropping off PART B for everyone reading rational? Not really. Those who would like supplemental coverage or want to ensure they have the best insurance just in case some unfortunate situation happens down the road perhaps wouldn’t drop it.
On jocular note though… Let’s be honest, healthcare is expensive enough – nobody wants to add unnecessary costs when other health plans are already doing its thang! So if you find yourself wanting to bail out of part B?! Follow proper procedures and make sure you consider all aspects before making a final decision :wink: