Most Medicare beneficiaries don’t receive a bill for their premiums. Medicare beneficiaries who have worked for at least ten years (40 quarters) qualify for premium-free Medicare Part A coverage since they have already paid Medicare payroll taxes while they worked.
If you enroll in both Part A and B, you’ll also have a Part B monthly premium to keep up with. Beneficiaries receiving Social Security or Railroad Retirement Board benefits will have their premiums deducted automatically.
Continue reading to learn more ways to pay your Medicare monthly premiums.
How to Pay Your Medicare Part A and Part B Premiums
Medicare accepts several forms of payment, so you have the option to use whichever method you find more convenient and easiest to use.
Medicare Easy Pay
This is a free, automated payment option that deducts your monthly premium from your checking or savings accounts as and when due, which is usually on the 20th of the month. Those with MyMedicare.gov accounts can easily enroll in Medicare Easy Pay.
Automatic Payments
You can also allow your bank to manage the transaction. You can set up automatic Medicare premium payments through your bank’s online payment service. Medicare can’t do this; you’ll need to contact your bank and make the arrangement yourself.
Credit or Debit Card
You also have the option to pay by credit or debit card. You can use your debit or credit card to make a payment each month on your MyMedicare.gov account. Keep in mind that you can’t set up an automatic monthly payment on your debit or credit card. So, you will have to log in every month to make a payment. You can also write your card details on the tear-off part of your Medicare bill and send it to Medicare.
You can also make your Medicare premium payments by money order or check. You can mail it to Medicare at Medicare Premium Collection Center, P.O. Box 790355, St. Louis, MO 63179-0355.
How to Pay Your Medicare Part C and Part D Premiums
Medicare Part C (Medicare Advantage) and Medicare Part D prescription drug plans are offered by private insurers. So, you are required to pay your monthly premium directly to your insurance company. Some plans also allow you to have your monthly premium removed from your Social Security or Railroad Retirement benefits.
Most plans allow you to mail your monthly premium payments by money order or check. Many insurers also provide online automatic premium payment options. Keep in mind that when you first enroll in a Medicare plan and choose to have your premiums removed from your Social Security or Railroad Retirement Board benefits, it could take a couple of months for the premium deduction to start.
