financial planner Stephen Zelcer
Ho to opt out of Medicare B, green Q&A image

Q&A - How to opt-out of Medicare B

Question

Hey Stephen!  

We opened an HSA this year!  I’m excited to fund it and have the money invested.   

We have the cash and we can front-load the entire HSA contribution now at the beginning of the year.  

Is it better to front-load all the money now, and thus have the HSA investments working with more money sooner, or is it better to have it taken out of our paychecks at regular intervals, potentially foregoing market performance? 

Answer

Yes, to drop Medicare part B you simply need to sign & return the Medicare card that they send you (usually sent a few months before your 65th b-day) before the coverage start date (on the front of the Medicare Card).
See here: https://www.medicare.gov/basics/get-started-with-medicare/sign-up/ready-to-sign-up-for-part-a-part-b/how-to-drop-part-a-part-b
Also, see here, page 33 of 38: https://www.medicare.gov/sites/default/files/2022-01/11095-Get-Ready-for-Medicare-package-in-United-States.pdf
Here’s what is says:
“If you don’t want to keep Part B:  

  1. Check the box after “I do NOT want Part B (Medical Insurance)” on the back of the enclosed Medicare card. 
  2. Sign the back of the card. 
  3. Send back the entire form, including the signed card, in the enclosed envelope before the coverage start date on the front of the Medicare card. Medicare will send you a new Medicare card in a few weeks that shows you have Part A only. In the meantime, write down your Medicare Number, found on the front of the card. Keep it in case you need to go to the hospital or get other Part A-covered services before your new card arrives.” 
    However, after the coverage start date, you will need to submit form CMS-1763. You can download the form here:
    https://www.cms.gov/Regulations-and-Guidance/Legislation/PaperworkReductionActof1995/Downloads/CMS-1763.zip 
 

I hope this helps!

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