How to Pay Your Medicare Premiums
Now that you have Medicare, you want to be sure you can keep it. To stay up to date with the plans you have by paying your premiums, you have several options.
If you get Social Security retirement benefits, your Part B premiums will come out of your Social Security check automatically. If you do not get a check, you will get a bill every quarter, or every 3 months. If you pay for Part A, you will get a bill for that, too. You can pay these bills in a couple of ways.
Contact your plan to set up a payment option.
You have choices on how you pay premiums for your private plans, and they will differ by provider. No matter what, you will have a few choices.
You can have your premium withheld from your Social Security check as well. It is your responsibility to ensure that the premium withholding starts. You may need to pay your premium directly for a couple of months. Likewise, if you change plans from year-to-year to get a better deal during the Open Enrollment Period, then you may have the previous years’ premium withheld an extra month or two and be reimbursed later.
What happens when you don’t pay your premiums on time?
If you don’t pay your Medicare premiums, you risk losing coverage. But it won’t happen right away. You’re billed for Part B in 3-month increments, and you will have a grace period of 3 months after the due date. If you have not paid by the end of the grace period, you’ll receive a letter letting you know that your coverage will be terminated at the 4-month mark, unless you can pay in full 30 days after termination notice.
Private plans (Part C, Part D, Medigap) treat failure to pay premiums differently. Check with your plan to find out their policy, but know that they can’t cancel your coverage without notifying you in writing first.