If you joined a plan through NY State of Health, you can keep your coverage active until your Medicare coverage starts. Then you can cancel your marketplace plan without penalty.
Once you qualify for Medicare, you’ll have a limited time (an initial enrollment period) to sign up. For most people, the enrollment period starts three months before their 65th birthday and ends three months after their 65th birthday.
In most cases, it’s to your advantage to sign up for Medicare when you’re first eligible because:
- Once your Medicare Part A (hospital costs) coverage (which is free for most people) starts you won’t be able to keep any premium tax credits or lower out-of-pocket costs for a Marketplace plan based on your income. If you like, you can keep your Marketplace plan too, but you’ll have to pay full price for the Marketplace plan.
- If you miss the seven-month sign-up window for Medicare Part B* (doctor costs), you'll have to wait until the next "general enrollment period" which runs from Jan. 1 to March 31 with benefits beginning the month after you sign up. If you don't sign up for Part B when you're first eligible, you may have to pay a late enrollment penalty.
*(or Part A if you have to pay a premium for it)