If you’re age 65 or older, and you are enrolled in Medicare for your health care coverage, then it could be that you are receiving your Medicare Part A hospitalization coverage premium-free. But if you have Medicare Part B, you are likely paying a monthly premium for this plan.
For most people, the 2018 Medicare Part B premium amount is $134 per month and for the vast majority of people, this amount is deducted right out of your Social Security check. However, if you are considered a higher income earner, then the amount could be as much as $428.30 each month, based on your income amount stated on your tax return. *We’ve done a comprehensive post on this subject – click here to view it.
Remember – most people get their Medicare Part B premium deducted right out of their Social Security checks. But for those of you that don’t like that, or want to pay it a different way, read on. The good news is that Medicare allows you a number of different ways to do it.
One option is to simply pay by check or money order each month. If you choose to go this route, you can mail your premium payments in to the Medicare Premium Collection Center, which is located at:
P.O. Box 790355
St. Louis, Missouri 63179-0355
If you would rather not send a check or money order, Medicare also allows you to pay your Part B premium by debit or credit card. This can be beneficial to you, particularly if you have a credit card that gives you points for travel or other items based on the purchases that you make with it.
Be sure that if you opt for using a debit or a credit card, though, that you also include the card’s expiration date and 3-digit code. Doing to can help to avoid late payment on your Part B premium that is due.
Today, many banks and credit unions allow you to pay bills via online bill payment services. This means that the amount of the bill will come directly out of you checking account on a set date each month. If you are web savvy, you can set up this service online, without having to make a personal trip in to your bank. If you choose to pay your Medicare premium in this manner, you bank will need to know a few things, including:
A related alternative is to sign up for Medicare Easy Pay. This is a free service that will automatically deduct your Medicare Part B premium payments either from a checking or a savings account every month.
Before this process can be started, you will need to first fill out the Authorization Agreement for Pre-authorized Payments (which is also referred to simply as Medicare form number 5510) and send the completed form in to the Medicare Premium Collection Center. This form can be found on the Centers for Medicare & Medicaid website by clicking here.
The Authorization Agreement form will ask you for some basic information about you and your bank or financial institution. It can be helpful for you to have your Medicare ID card with you when you fill out this paperwork, as it will also ask you for your Medicare number.
In addition, you will also need to provide your bank or financial institution routing number and the account number for the account that you want the premium to be deducted from. If you are using a checking account to make your premium payment, you will also be asked to submit a copy of a voided check with this paperwork.
Once this process has been set up, you will receive a Notice of Medicare Premium Payment Due each month. It is important to note that this is not a bill, but rather it is a notice to let you know that the premium for your Medicare Part B coverage will be deducted from your account.
Typically, Medicare will deduct the premium funds from your account on or around the 20th of each month. This premium payment will then show up on your bank statement as an ACH (Automated Clearing House) transaction.
It is not necessary for you to contact your bank or financial institution if your Medicare Part B premium amount changes (which it usually does at the beginning of each year). Rather, Medicare will just simply deduct the updated premium amount from your bank or financial institution account each month going forward.
If you decide that you wish to cease making automatic Medicare Part B premium payments in this manner, just simply complete another Authorization Agreement for Preauthorized Payments (which is Medicare form SF-5510) and then mail the form to Medicare for processing.
Have Any Additional Questions About How to Make Your Medicare Part B Premium Payment?
If you have any additional questions regarding how to make your Medicare Part B premium payment, you can contact Medicare directly by phone at 1-800-MEDICARE.
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Author Bio: Ben started Prepare for Medicare in 2014 to help people help people get objective answers to questions about Medicare. He’s held leadership roles at numerous Fortune 500 Medicare health insurers in product development, sales, marketing and strategy for over 20 years.