People who are enrolled in Original Medicare, or who will be eligible for Medicare benefits in the near future, might wonder how much their premium payments will be. Like other insurance policies, Medicare requires a monthly premium payment. If you worked for an employer who took out Medicare taxes from your paycheck, in most cases your Medicare Part A will be free. However, if you are required to pay for your Medicare Part A the following is how you will be expected to pay for those premiums.
Medicare Part A: If you purchase Medicare Part A, you will receive a bill named the Medicare Premium Bill, or CMS-500.
Medicare Part B: If you are enrolled in Medicare Part B and you aren’t receiving Social Security benefits, Railroad Retirement Board benefits, or Civil Service benefits, you will receive the same CMS-500.
If you receive Social Security or Railroad Retirement Board benefits, the cost of your Medicare Part B will be taken out of that monthly benefit payment.
There are four ways to pay your Medicare bill each month:
1. Use your bank account to make a payment via your bank’s online bill paying service. You can set up recurring payments online, or by going into your bank and setting it up.
2. Medicare Easy Pay is a free program that takes your premium payment amount out of your chosen bank account when a payment is due.
3. You can pay your Medicare premium with a check or money order. Included in the Medicare premium bill is a payment coupon. Members can fill this out and mail it with their payment.
4. Enrolled members of Medicare can pay their bill by credit or debit card each month. Using the payment coupon, fill out credit or debit card information and send it back to Medicare.
Medicare will send a reminder if your payment is past due. Just know that Medicare coverage can be lost if the second bill and the final delinquent bill are not paid on time.
Individuals with limited incomes or financial resources can get help from the state they live in to assist with paying Medicare Part A and Medicare Part B premiums. Assistance may also be available for Medicare prescription drug coverage.
To learn more about ways you can pay for Medicare Parts A and B, contact the professionals with MedicareHealthInsuranceFacts.com at (855) 829-1109. Our licensed insurance experts will be happy to answer any questions you have.