By Andrew L Hibbard
Originally Posted: 10 APR 2023
Updated & Revised:
This article assumes you already know you need to sign up for Medicare and what you’ll be paying monthly for Medicare. If that is true, then the next logical question is how will you pay it? Let’s look at some of your payment options…
For starters, both Medicare Part A (Hospital Benefits) and Medicare Part B (Medicare Benefits) have a monthly cost.
In most cases, you will receive Part A at no cost to you because you satisfy the work requirements set by the Federal Government. That is, you have paid payroll taxes for 40 quarters, or the equivalent of 10 years, from active employment. (But really, there is a cost to Part A. You just pre-paid it from your FICA taxes working for 45 years from age 20 to 65. I also wonder, where’d all that money go?)
Now, regarding Medicare Part B, almost everyone pays a monthly premium. It will vary based on your work history, payroll taxes paid overtime, and your income in retirement. However, there are situations and scenarios where you can get premium-free Part B due to low-income, but those will not be discussed in this article.
For those of you who are doing everything the government wants, and expects, from you, like retiring at 65, signing up for Social Security at 65, and signing up for Medicare at 65, you will likely not get a monthly bill for your Medicare premium.
When you sign up and start both Social Security and Medicare at the same time, your monthly Medicare Part B premium will be deducted automatically from your monthly Social Security benefit payment (or Railroad Retirement Board benefit payment).
Some of you may choose to suspend your Social Security benefit payments until after 65 and wait until your arbitrary and assigned “full retirement age,” but want to enroll in Medicare at 65. Without a Social Security check for Medicare to syphon their money from, you will get a premium bill by mail and be required to pay three (3) months at a time, not monthly.
FOUR WAYS TO PAY YOUR MEDICARE MONTHLY PREMIUM LIVING IN WNY
1. Pay online using your Medicare account. This service is free, and you can use credit card, debit card or provide a checking or savings account number. You will need to manual log in each and every time you receive your premium bill and be required to pay three (3) months at a time, not monthly.
2. Pay using a direct debit from either your checking or savings account through “Medicare Easy Pay.” This service is free and authorizes and approves Medicare to deduct your Medicare premium each month, instead of every three (3) months.
3. Pay using your banks “Bill Pay” service. Depending on your bank, you may be charged a processing fee for paying this way.
4. Pay by check, money order, credit card or debit card through the mail. You will need to request and receive a specific payment coupon that must accompany your payment. If the appropriate coupon is not accompanied or completed correctly, your payment will not be processed and be returned to you.
Whatever way you decide to use, be sure your Medicare bill payment is received on time.
All Medicare bills are due by the 25th of the month. In most cases, for most people, your bill is due the same month that it is sent.
Due to the ongoing demand and delay with Medicare, it is suggested to submit your payment at least 5 days prior to the due date printed on your Medicare premium bill.
If you miss a payment, or your payment is received or processed late, your next bill will itemize and include a “past due” amount.
Be on the lookout for a Medicare premium bill with the heading “Delinquent Bill.” Receiving one requires you to pay the complete and total amount due, on time, or you’ll lose your Medicare coverage.
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ABOUT THE AUTHOR
Andrew L Hibbard is a prominent name when mentioning Medicare in WNY, but one you may have never heard of. Working behind-the-scenes, he is a best-selling author, expert advisor and successful agency owner. Focused on educating first, Andrew prides himself on being considered “the only advocate in WNY fighting for better and more reliable Medicare resources, free from insurance company conflict of interests.”
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