After picking the required Medicare plan, the next thing you must know is how to pay for the policy. This is a crucial part because it does not actually work like regular employer health coverage premiums which are taken off the employee’s paycheck. In fact, very few individuals explain this procedure to you when you enroll yourself in Medicare.
If you’re like one of those who frequently travels or has another house, then it is important to know how various Medicare bills work so that you do not end up missing one.
For knowing how you will be billed, it’s important to confirm whether you’re drawing benefits of your Social-Security-Retirement.
In case you’re drawing these benefits, you’ll have Part B Medicare premium along with any income-associated monthly adjustment amount withdrawn automatically from Social-Security-Check.
In case you aren’t presently drawing these benefits, there are a number of modes of payment available to you. Nonetheless, if you come in this category, you’ll be getting “Medicare-Premium-Bill.” The bill will cover Part A Medicare in case it’s applicable & Part B Medicare.
Medicare Part C & D, along with the Medicare Supplement Plan will be billed separately.
Part A, as well as Part B Medicare, is billed every 3 months, and the premiums will be applicable on the 25th of that month. Medicare issues another bill in case they don’t receive the payment in a timely manner. A notification of negligence will also be issued in case you fail to make a payment by the due date mentioned on your second billing notification.
You might also lose the Medicare coverage as a result of non-payment. Thus, it’s essential that you stay aware of your billing notices in order to make payments on time.
Along with Social Security deductions, you have 4 other modes of payment:
Enroll in AARP supplements for 2019 here https://www.medicaresupplementplans2019.com/aarp-medicare-supplement-plans-2019/
Auto-Clearing House (ACH) through the checking account
ACH forms can be an option if you want to have the premium amount deducted each month. Typically, payments are withdrawn on 20th of each month.
Another free to use service that Medicare offers is known as “Medicare-Easy-Pay”. It’ll deduct the premium amount from either your savings or checking account. This needs you to complete an authorization form & return it to the Medicare.
We highly suggest that you set-up ACH if possible so that you can enjoy the vacations without worrying about Medicare bills. Also, this is one of the easiest means to pay your Medicare bills.