As you get closer to retirement age and you have met all eligibility requirements, you gain the opportunity to enroll in Medicare. Your premiums will be lower but must be kept current, just like any other insurance policy. Thankfully, Medicare has several options for paying your premiums online.
How Often Will I Receive Medicare Bills?
Most people have their Medicare Part B (Medical Insurance) premiums automatically deducted from their Social Security benefits (or Railroad Retirement Board benefits). However, if you don’t receive these benefits, Medicare will send you a bill for the premium.
- Part A: You’ll receive a monthly bill if you pay for Part A (hospital insurance).
- Part B: If you only pay for Part B, you’ll receive a premium bill every three months.
- Part D: If applicable, you will also receive monthly bills for Part D’s income-related monthly adjustment amount (IRMAA); if you are below a certain income bracket, you do not have to pay this. IRMAA is a sliding scale charge added for those with higher incomes.
Three Ways to Pay Your Medicare Premium Bill
There are four main ways to pay your Medicare premiums online. Each option has advantages. Choose the best one for your needs.
1. Pay Through Your Medicare Account
The fastest and most secure way to pay your premiums is by logging into your Medicare account. Here’s how to do it:
- Log in: Create or log into your secure Medicare account (https://www.medicare.gov/account/login)
- Select payment: Click on the “Pay My Premium” option.
- Choose your payment method: Use a credit or debit card, Health Savings Account (HSA) card, or checking or savings account.
Once your payment is processed, you’ll receive a confirmation number. Payments from checking or savings accounts may take around five business days, while credit card payments are faster.
2. Medicare Easy Pay (Recurring Payments)
Medicare Easy Pay is a convenient service that automatically deducts monthly premium payments from your checking or savings account. You can sign up for Medicare Easy Pay in two ways:
- Log in: Log into your Medicare account and select “Sign Up for Easy Pay.”
- Complete a form: Complete and send in the paper “Authorization Agreement for Pre-authorized Payments” form. You must print this at home; your local library may also have printing services.
- Mail it in: Send your authorization for recurring payments to:
Medicare Premium Collection Center
P.O. Box 979098
St. Louis, MO 63197-9000 - Receive your confirmation: Once enrolled, you’ll see a message in your Medicare account confirming that Easy Pay is active.
Deductions typically occur on the 20th of each month, and it can take 6-8 weeks for automatic deductions to begin.
3. Paying Medicare Premiums with Your Bank’s Bill Payment Service
Many banks provide online bill payment services, where you can pay your Medicare premiums through their portals. While convenient, this method requires you to manually update your payment information each year if your premium amount changes.
How to Pay Medicare Part D, Medicare Advantage, and Supplement Plan Premiums
Private insurers often offer Medicare Advantage, Part D, and Medicare Supplement plans. Payment methods for these plans vary by insurer, but common options include:
- By Phone
- By Mail
- Electronic Funds Transfer (EFT)
- Online
Always check with your private insurer to determine the available payment methods for your plan.
Why Is My First Medicare Bill Higher Than Expected?
It’s not uncommon for your first bill to be higher than anticipated. This could be due to the addition of the income-related monthly adjustment amount (IRMAA) or other administrative fees. If you’re unsure, you can contact Medicare for clarification or review the details on your bill.
Can I Get Help Paying Premiums and Medicare Costs?
If you’re experiencing financial hardship, assistance may be available to help cover your premiums and other costs, such as deductibles, coinsurance, and copays. You may qualify for programs offering reduced premiums based on income level. Visit your state’s Medicare website for more information about financial assistance.
Online Payments Make Paying for Medicare Easy
By understanding your options and setting up automatic payments, you can simplify paying your Medicare premiums, ensuring your health coverage remains uninterrupted. Stay informed and choose the best payment method for your lifestyle. Please don’t hesitate to ask if you need further assistance or have questions regarding your Medicare coverage. Call one of our Medicare insurance agents for help today.