Depending on which parts of Medicare you are referring to, there are a couple of different ways:
- Medicare Parts A and B premiums: If you do not yet receive Social Security benefits, Medicare will bill you directly for your Part A and/or B premiums. (Note: Most people do not have to pay a Part A premium since they paid into Part A while they were still working.)Your bill will come every quarter, or every 3 months. You can choose to pay by check or money order, credit card, or have it automatically deducted from your bank account. Medicare Easy Pay is an electronic payment option for people with Medicare who are directly billed for their Medicare premiums by the Centers for Medicare & Medicaid Services (CMS). This payment option allows you to have your Medicare premiums automatically deducted from either your savings or checking account free-of-charge each month.You can sign up for the Medicare Easy Pay at any time. Please call 1-800-MEDICARE (1-800-633-4227) to request a Medicare Easy Pay Packet. TheMedicare Easy Pay Packet includes a Medicare Easy Pay brochure, an Authorization Agreement for Preauthorized Payments, instructions for completing the authorization form, and a pre-addressed return envelope. Once you submit the form, it usually takes 30 to 60 days to process your authorization.If you sign up for Medicare Easy Pay, you will get a monthly Notice of Medicare Premium Payment Due (CMS-500) that will show the amount of the deduction from your bank account. The automatic deduction will also appear on your monthly bank statement as an Automated Clearing House (ACH) transaction. If you are already receiving Social Security benefits, your Medicare Part B premium will be automatically deducted from your check.
- Medicare Advantage Plans: If you choose to get your Part A and B benefits through a private Medicare Advantage (MA) or Medicare Advantage-Prescription Drug (MA-PD) health plan, you will likely have to pay a monthly premium in addition to Part A and/or B premium. Your health plan will send you a bill.There are a few options on how to pay your Medicare Advantage plan premium such as sending a payment, paying by credit card, or having the payment taken directly out of your checking or savings account. You should contact your plan directly to find out the payment options.
- Medicare Part D: As for Medicare Part D (drug coverage), this is a separate premium that is paid to the drug plan. Again, your plan will send you a bill. And, you should contact your plan directly to find out the payment options.Keep in mind you may have the option to have your Part D premium taken from your monthly Social Security benefit. However, this payment option is not recommended. It can cause delays in coverage, and be hard to fix when the wrong premium amount is taken out.Note: If you cannot afford your Part D premium, or if you need help with your drug copayments, you may be able to get Extra Help. Learn more about Extra Help.
Topic: Premiums and costs