How to Terminate Medicare Part B: Step-by-Step Guide

Medicare Part B is part of Original Medicare and provides essential coverage for outpatient medical services. However, there are situations where you may choose to cancel Medicare Part B. Whether you’re switching to a Medicare Advantage Plan, receiving employer-sponsored insurance, or cutting costs, understanding the process is critical.

This step-by-step guide will show you how to cancel Medicare Part B, the risks involved, and how to reenroll in Medicare if necessary. Need expert advice on Medicare Part B? Call Green Insurance at 904-717-1176 to speak with a Medicare expert today!

Why Would You Cancel Medicare Part B?

Before you decide to cancel your Part B, it’s important to understand why some Medicare beneficiaries choose to cancel their coverage:

• Employer-Sponsored Insurance – If you have Medicare coverage during the next open enrollment period but also receive employer insurance, you may not need Part B.
• Cost Concerns – The monthly premium for Part B and premiums and deductibles in 2025 may not fit your budget.
• VA Benefits or Other Coverage – If you have alternative healthcare, you may want to go without Part B coverage to save money.

Risks of Canceling Medicare Part B

Canceling Medicare Part B isn’t always the best choice. Here are the risks of canceling Medicare Part B to consider:

• Late Enrollment Penalties – If you go without Part B coverage and later decide to cancel your private plan, you’ll have to pay a monthly late enrollment penalty when you reenroll.
• Coverage Gaps – If you cancel Medicare Part B, you may not have access to necessary part A-covered services and Medicare covers fewer expenses.
• Limited Reenrollment Options – If you wait until the next General Enrollment Period, you might have to pay a Part B late enrollment penalty when reenrolling.
• Can’t Enroll into a Medicare Advantage Plan or Medigap Plan – If you cancel Medicare Part B, you cannot enroll into a supplemental plan like a Medicare Supplement or choose a Medicare Advantage Plan through a private health insurance company.

Step-by-Step Guide to Cancel Medicare Part B

If you’re dropping Part B and have considered the risks, follow these steps to cancel your Part B properly.

Step 1: Contact Medicare or the Social Security Administration (SSA)

Medicare Part B is managed by the Social Security Administration (SSA), so you’ll need to contact them directly to cancel your plan.

• Call Medicare at 1-800-MEDICARE or the SSA at 1-800-772-1213.
• Visit your local SSA office.
• Use the SSA website to find additional information.

Step 2: Complete Form CMS-1763

The Centers for Medicare & Medicaid Services (CMS) require you to complete Form CMS-1763 (Request for Termination of Premium Hospital and/or Supplementary Medical Insurance).

• This form is not available online and must be completed with an SSA representative.
• You will need to follow the instructions included and provide a reason for cancellation.

Step 3: Attend an Exit Interview

The SSA mandates an exit interview to ensure you understand the consequences of canceling your current Part C policy or Part B. During the interview, they will explain:

• How canceling affects your Original Medicare Plan.
• Potential late enrollment penalties if you reenroll later.
• Alternative coverage options, including Medicare Supplement Insurance and Part D plans.

Step 4: Return Your Medicare Card

After cancellation, Medicare will send a confirmation letter. If you’re returning your Medicare card, make sure to keep a copy. Send you a new Medicare card if you keep Part A but drop Part B.

How to Reenroll in Medicare Part B

If you cancel your Part B at any time but later need coverage, here’s how you can reenroll:

Special Enrollment Period (SEP)

You can qualify for a Special Enrollment Period if:

• You had employer-sponsored health insurance when you signed up for Part B premium but later lost that coverage.
• You qualify under strict sourcing guidelines and relies on employer-sponsored plans.

This allows you to reenroll in Medicare Part B without penalties.

General Enrollment Period (GEP)

If you don’t qualify for an SEP, you must wait until the next General Enrollment Period (January 1 – March 31) to reenroll. Coverage will begin on July 1, and you may face penalties.

Key Considerations Before Canceling Medicare Part B

Costs & Penalties

• The premium for Part B and income-related monthly adjustment amount may increase if you delay reenrollment.
• The longer you go without Part B, the higher your late penalties.
• If you go without Part A coverage, you may lose access to skilled nursing and other services.

Need Help Canceling Medicare Part B?

Canceling Medicare Part B is a significant decision. If you’re unsure, contact Green Insurance in Orange Park, Florida for expert guidance at 904-717-1176.

Get Personalized Medicare Advice

• Understand whether to cancel Part C and Part B together.
• Learn about monthly premium for Part B and how it affects you.
• Avoid penalties and coverage gaps when enrolling in Medicare again.

Contact Us

Canceling Medicare Part B requires careful thought. Understanding how to cancel your current coverage, the risks involved, and how to reenroll later is crucial. If you need assistance, don’t hesitate to reach out to Green Insurance in Orange Park, Florida at 904-717-1176.