Medicare Deductibles
April 4th, 2008
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Question: cancel medicare part A would required repayments of all bills up to the cancelation date ?
I was told I need to cancel medicare part A and B to enrol into
high Deductible Policy with HSA plan thru my employer.
Answer: You should never cancel your Medicare. The specifics of what you have available to you and what you should do would depend on factors such as what you have, and why. Do you have A&B now? Are you under 65 and on Medicare through disability? Do you have Medicaid or any other sponsord assistance? Do you have any additional coverage in the form of an employee sponsored plan, group plan, medicare supplement, medicare advantage plan or prescription coverage such as Part D?
You can get a plan similar to a HSA using your Medicare A&B from companies that sell Medicare insurance. It is called a MSA (Medical Savings Account) and would have a lot of similarities, but some differances. Namely, you typically pay no premium to enroll, you have an amount put into the account for you by Medicare, have a deductible to meet after the funds are used, and then typically have a 100% coverage level (up to Medicare approved (Medicare assignment) levels of payment for approved services). This might be an alternative.
You can not really give up your part A of Medicare. When you qualify, it is given to you, for free (from your taxes paid). Part B is something you pay for unless you have assistance. It is the part B that sometimes messes with your other insurance, but is necessary for supplements, advantage plans, etc. You CAN choose to postpone enrolling into part B if you have a qualifying plan, but it is generally not a good idea to leave it. With moth employer group plans you can have both parts and they work around Medicare, and if/when you leave that work sponsored plan you qualify to enroll in supplements. A HSA may be different because of the tax structure involved. I would call 1-800-MEDICARE to be sure.
Items on Amazon Right Now for Medicare Deductibles:
Federal Share of U.S. Health Spending Rises Faster Than Private
Federal spending on medical programs grew almost twice as fast as the total spent on health care in the U.S. in 2008, a pattern aided by Medicare subsidies to private insurers.
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