Can I Cancel My Medicare Insurance?
If you’re finding that the certain limitations and extra expenses dealt by Medicare are becoming too restraining, you might be considering canceling your Medicare insurance. Even if you want to cancel your insurance, you might also be wondering if it’s even possible to cancel. Yes, it’s possible to cancel Medicare insurance, and it typically takes a simple phone call or visit to the office. However, it might be worth knowing the consequences of canceling your Medicare insurance.
In the majority of cases, many people find that canceling their Medicare insurance is an irreversible decision. Medicare is a hard train to catch as you’re only eligible for it once you turn 65 and/or if your SSDI has basically ran out. If you cancel, you may find that it will be very difficult to get yourself back on it. This is one of the major reasons why it is advised not to cancel unless it’s completely mandatory and necessary. Instead of canceling, look around at the other available plans to see if something would better suit you. Canceling is one of the worst things you could do while on a Medicare plan and it should be one of your last resort options.
Other Insurances are Not Possible
If you find yourself to be eligible for Medicare, it may be helpful to know that no other company will insure you. Also, this is especially true if you happen to be disabled. Medicare will be the only insurance you can do business with while being technically disabled, so canceling will eventually lead to problems. The same goes for retirement. If you happen to be retired, you cannot buy anything other than Medicare.