I plan to move overseas and the country I move to ( Israel) has national healthcare. I plan to enroll in this program. I don’t plan to return to the US full time - just for occasional visits with family. I currently have Parts A, B and C. How do I cancel Parts B and C? Should I also cancel Part A once I enroll in Israel’s national healthcare plan?
@excelinmedicare8825
Жыл бұрын
Hi there Odehyah, thank you for your question. When you live outside of the US, you do not need Medicare as it will not work. When you cancel Part B, it will also cancel your Part C Medicare Advantage Plan. You can use the form shown in this video to cancel Part B (and Part A), CMS Form 1763-508. You can put that form name in an internet search and grab it from CMS.gov. The only thing you will need to keep in mind is when you travel to the US, you’ll probably want to get Travel Health Insurance just incase something happens while on the trip. This way you’ll have some coverage when you are here. I hope that helps. Let me know if you have any other questions.
@Odehyah951
Жыл бұрын
@@excelinmedicare8825 Thank you!
@excelinmedicare8825
5 ай бұрын
Hi there, I am so sorry I didn’t know people were actually commenting on my videos. Ha ha. I will pay better attention to that. I’m not sure if you’ve already found the answers to your questions but just to make sure you have the information you need, here is my answer. You can keep Part A. It doesn’t have a monthly premium so it doesn’t hurt to have it. It will not pay for anything outside the US but when you come back to visit, you’d still have it. When you cancel Part B, it should automatically cancel your Medicare Advantage Plan (Part C) but I would call your plan just make sure. There is a form provided by CMS that is the Medicare termination form. If you do an internet search for “Form CMS 1763” you will be able to get the most current version from CMS.gov. Again, I am so sorry for the HUGE delay in responding to your question.
@johnpark3138
3 ай бұрын
It looks like the form you provided in this video appears to be outdated recently. The new form appears to be a little different. The new form added "PART B IMMUNOSUPPRESSIVE DRUG COVERAGE" in addition to "Hospital Ins" and "Medical Insurance". Could you please advice me which one do I need to check if I just want to cancel part B? Thank you so much!
@excelinmedicare8825
3 ай бұрын
Hi there, I’m so sorry for the delay in my response. Yes, Hospital Ins = Part A, Medical Insurance = Part B. You would want to cancel the Medical Insurance. Part A generally has $0 premium so you could keep that. Please remember, you would indicate that you live outside of the US and cannot use your Part B. HOWEVER, living outside the US will not protect you from an additional Late Enrollment Penalty if you were to move back to the US and want to add Part B later. It will also not give you a Special Election Period to enroll in Part B in the middle of the year. You would have to reenroll in Part B during the General Enrollment Period which is Jan. 1 - March 31 every year. The Late Enrollment Penalty is assessed like this: for every 12 month period you go without Part B, you will be assessed a 10% fee on top of the current monthly premium. So 3 years would be 30% added to the then current monthly premium. Here is a link to a page of information on this: cmsnationaltrainingprogram.cms.gov/sites/default/files/shared/C5_Key_Messages-U.S_citizens_living_abroad-2022_v2_508_6-2-22.pdf
@williammaisel4828
4 ай бұрын
Hi. I live in Thailand and want to cancel Part B. I have form 1763. I just need to write the reason for cancelling. Can I simply say I live in Thailand and will be taking care of all my health needs here? And give my Thailand address? I have an address in the USA but do not plan to go back. I am 67 years old.
@excelinmedicare8825
3 ай бұрын
Hi there, I am so sorry for the delayed response. Yes, you would indicate that you live outside of the US and cannot use your Part B. HOWEVER, living outside the US will not protect you from a Late Enrollment Penalty if you move back to the US and want to add Part B later. It will also not give you a Special Election Period to enroll in Part B in the middle of the year. You would have to enroll during the Open Enrollment Period which is Jan. 1 - March 31 every year. The Late Enrollment Penalty is assessed like this: for every 12 month period you go without Part B, you will be assessed a 10% fee on top of the current monthly premium. So 3 years would be 30% added to the then current monthly premium. Here is a link to a page of information on this: cmsnationaltrainingprogram.cms.gov/sites/default/files/shared/C5_Key_Messages-U.S_citizens_living_abroad-2022_v2_508_6-2-22.pdf
@haydeesolidum550
5 ай бұрын
If I cancel medicare part B since I now live outside the USA for good, is there a possible penalty or none? thanks
@excelinmedicare8825
5 ай бұрын
Hi Haydee, You’re welcome to cancel Part B. If you did decide to move back to the US in the future and needed to get Part B back, there would be a penalty for the time you went without Part B. You can also only enroll during the General Enrollment Period (Jan 1 - Mar 31). If you’re not planning to move back, you don’t really need Part B. Medicare is only good in the US so they will not pay any medical bills outside the country. I hope that helps.
@excelinmedicare8825
3 ай бұрын
Hi there, I am so sorry for the delayed response. Yes, you can cancel while you live outside of the US and cannot use your Part B. HOWEVER, living outside the US will not protect you from a Late Enrollment Penalty if you move back to the US and want to add Part B later. It will also not give you a Special Election Period to enroll in Part B in the middle of the year. You would have to enroll during the General Enrollment Period which is Jan. 1 - March 31 every year. The Late Enrollment Penalty is assessed like this: for every 12 month period you go without Part B, you will be assessed a 10% fee on top of the current monthly premium. So 3 years would be 30% added to the then current monthly premium. Here is a link to a page of information on this: cmsnationaltrainingprogram.cms.gov/sites/default/files/shared/C5_Key_Messages-U.S_citizens_living_abroad-2022_v2_508_6-2-22.pdf
@hongng3963
Ай бұрын
Can I cancel Part B if I retire outside USA. Btw I am not citizen but green card holder. Will it affect my social security benefits?
@excelinmedicare8825
Ай бұрын
You can cancel Part B if you’re not living in the US and not using Medicare. If you plan to move back to the US, you may want to weigh the cost of the penalty for not having Part B. The rule is if you’re eligible for Medicare and opt to not have Part B, you’ll be penalized for every 12-month period you go without Part B in place. The penalty is 10% for every 12-month period you don’t have Part B, added to the base Part B premium if you add it back. So if you cancel for 3 years & you move back, you’d have a 30% penalty on top of the base Part B premium. If you move back to the US, the only time you can apply for Part B is Jan 1 - Mar 31 each year. You would have to be sure you add Part B back during that enrollment period. For example, if you’re moving back in June, you’d need to apply for Part B in March before you move back so it would be in place April 1. If you don’t add it back before you move back, you would have to wait until the January after you return to add it back. I hope that makes sense. Please let me know if you have any questions.
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