There are some parts of Medicare that do require you to pay a monthly premium. Some do not require a premium. It can be a bit complicated to understand the different parts of Medicare, when they will start, how much they cost and what are the payment method options. Once you get all of this stuff figured out, set up and running it will be pretty much smooth sailing before long. This article does a good job of outlining the different ways you start and then continue paying your Medicare premiums . . .
Medicare Premium Payment Process
Although Medicare is partially funded by the government, you may still be responsible for Medicare payments. If you have Original Medicare or a Medicare Advantage plan, you will pay a monthly Medicare premium for Medicare Part B (medical insurance). In most cases, the Medicare premium amount is deducted from your benefit payment if you get Social Security, Railroad Retirement Board benefits, or civil service benefits and you don’t have to take any action to make you Medicare payment. If you do not receive benefit payments, then you will be billed for the cost of your Medicare premium for Part B.
Most people do not pay a Medicare premium for Medicare Part A because they or their spouses paid Medicare taxes while working for a minimum of 10 quarters. But if you do not qualify for premium-free Part A, your Medicare costs would include a monthly Medicare premium for Part A as well.
How to pay your Medicare premiums
You may pay for these Medicare premiums these four different ways:
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- Pay by check, and mail your Medicare payment to:Medicare Premium Collection CenterP.O. Box 790355St. Louis, MO 63197-0355
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- Make your Medicare payment by credit card. Complete the bottom portion of the payment coupon on your bill, and mail to the address for the Medicare Premium Collection Center above.
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- Sign up for Medicare Easy Pay. This payment method automatically deducts your Medicare premium payments from your checking or saving account each month. You must mail a completed Authorization Agreement for Pre-authorized Payments form (SF-5510) to the following address:Medicare Premium Collection CenterP.O. Box 979098St. Louis, MO 63197-9000
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- Pay your Medicare premiums through your bank’s online bill payment service.
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If you have Medicare coverage such as a Medicare Advantage plan, a Medicare Part D prescription drug plan, or Medicare Supplement (Medigap) insurance, you should check with the insurance company to find out where to send your Medicare premium payment, if applicable.
Concerned about your spending on Medicare Premiums? The Annual Election Period is a good time to compare different plans and see if you’re getting the coverage you want at a price that suits you best.
Medicare.com
If you have any questions about this subject or would like to speak to us about any of your Medicare needs in regards to Medicare supplement, Medicare Advantage or Part D prescription drug plans, I would certainly be very happy to speak with you.
I am an independent agent specializing in the senior market. My services to you will always be FREE. I would be very happy to look at your current coverage and compare it to the marketplace to make sure that you are still getting a good value.
Billy Williams
800-499-1942
