Some Medicare Advantage plans may, in fact, cover Part B premiums. Some plans may pay for all or even part of the premium.
For more clarification, a premium is a monthly payment you must make to receive continued coverage. For Part B in 2021, the premium is $148.50. This, however, can vary depending on your annual income. Those with a higher income may have to pay more.
What Medicare Advantage Covers
Medicare Advantage covers a lot of other benefits and costs. For example, Advantage plans are one of the only types of Medicare that offer dental, vision, and hearing benefits.
Advantage plans also work to lower your overall out-of-pocket costs for regular care. This includes things like checkups, screenings, and more. By working within a set network of healthcare providers, you’re paying as little as possible.
Covering Medicare Advantage and Part B Premiums
If a Medicare Advantage plan does not cover your Part B premium, you will have to pay for it in some way or another. One of the best ways to do so is by setting up an automatic deduction schedule with your Social Security benefits. Suppose you do not have Social Security benefits. In that case, you should receive a “Notice of Medicare Premium Payment Due” in the mail and can pay it that way.
You can also have your Part C premiums automatically deducted from Social Security, but you have to do so manually. Contact the Social Security office to set it up—if you do not have Social Security benefits and automatic deductions, it is incredibly important to make both premium payments on time. Failure to do so will likely result in a suspension of coverage.
And, make sure your billing address is correct, even if these payments are automatically deducted, to make sure they’re paid on time. If you do miss a payment, all is not lost. You should have roughly a 3-month grace period for Part B. For Part C, make sure you are aware of their specific requirements, as they differ from Part B. Contact your provider to find out this grace period.
Premium-Free Medicare Advantage
Advantage plans have very small premiums. The average monthly premium in 2021 for Medicare Advantage is $21. So, even though some Advantage plans don’t cover your Part B premium, they are still inexpensive. In fact, many Advantage plans don’t have a premium at all.
Plan premiums vary based on the coverage they offer. So, of course, the more benefits included by the provider, the higher the premium, but the less you may have to pay out-of-pocket.
Need Help Figuring Out Your Medicare Payments? Call Senior Insurance Consultants
Medicare is a fantastic service, but arranging and accounting for payments takes time, and can be tricky. No matter the need, question, or concern, we have the solution. Our agents work tirelessly to bring you the absolute best the insurance market has to offer. For direct, effective Medicare advice, call Senior Insurance Consultants at 620-664-2985.
