Does a Medicare plan replace my current insurance?

When you sign up for a Medicare plan, you can decide to cancel any other health coverage you have. Alternatively, you can choose to keep it. This may help you pay for services not otherwise covered by Medicare. Before you make any major decisions, you may want to talk to your current carrier to see how your employer-sponsored health coverage interacts with Original Medicare. Depending on the size of the employer, you may be able to delay your enrollment in Medicare Part B, with your employer’s plan providing primary coverage. Or your employer’s plan may provide secondary coverage when you enroll in both parts of Original Medicare. You’ll also need to consider whether you’re willing and able to pay premiums for both the employer’s plan and Medicare Part B. Note: You cannot buy an individual major medical health insurance plan after you’re enrolled in a Medicare plan. But if you already have an individual plan, you are not required to drop it when you enroll in Medicare. However, any Marketplace premium subsidies that you receive would end once you’re enrolled in Original Medicare (meaning you’d pay full price for the individual plan). So, in many cases, it may not be in your best interest to maintain an individual market plan in addition to a Medicare plan.