To stop your Medicare Part B coverage, you must complete a voluntary termination process through the Social Security Administration. This is a serious decision that requires careful consideration, as you may face penalties and coverage gaps if you decide to re-enroll later.
The termination process requires submitting Form CMS-1763 to the Social Security Administration and completing a personal interview with a Social Security representative. During this interview, they will explain the consequences of dropping Part B and ensure you understand the implications of your decision.
Before terminating Part B, consider these important factors. You will lose coverage for doctor visits, outpatient services, preventive care, and medical equipment. If you decide to re-enroll later, you may face a late enrollment penalty of 10% for each full 12-month period you were eligible but not enrolled. You can only re-enroll during the General Enrollment Period from January 1 to March 31 each year, with coverage starting July 1.
Most people keep Part B because it works together with Part A to provide comprehensive Medicare coverage.