If you’re new to Medicare, but are not yet receiving Social Security benefits, then you might want an easy way to pay your Medicare Part B premium.
If you are receiving Social Security benefits, then you will most likely select to have your Part B premium deducted from your monthly check. I highly recommend this payment method. However, if you are not yet receiving benefits, then most people will pay for Part B by quarterly direct billing.
For some people, this is a hassle and they want to avoid the risk of a missed payment. If you are travelling, in the hospital, or the U.S. Postal Service misplaces your bill, then there is the risk of forgetting to make your premium payment.
If you miss a Part B premium payment, it can be a huge hassle to re-enroll in Part B. You will have to wait several months and also pay a permanent penalty based on the length of time you were not enrolled. This is NOT something you want to experience!
Try Medicare Easy Pay
You have the option of paying by monthly bank draft. It’s called Medicare Easy Pay. You can access the form by clicking HERE. It can take several weeks to set up, so don’t forget to pay your bill in the meantime.
Even if you are already set up where Social Security deducts your Part B premium payment, don’t forget to check in periodically to make sure the amount they are deducting is correct. If you are a high income earner, then you might pay additional premium based on your income.
Your premium payment can change every year based on your tax return (line 37 on your 1040) from two years prior. Don’t assume the government will always get these numbers right. Monitor your Part B (and Part D) payments if your income is higher than the standard premium.
If you have any questions about this, please feel free to reach out by calling 678-236-1600.