How To Pay Your Medicare Premiums

I get this question often, “What’s the best way for me to pay for my Medicare Premiums?”

There are a few ways to pay for your Medicare Premiums, or your Part B and potentially Part D IRMAA premiums, depending on whether or not you’re receiving Social Security retirement benefits:

If you are receiving Social Security retirement benefits,

You’ll have an automatic deduction from your Social Security retirement benefits.

If you are NOT receiving Social Security retirement benefits,

You’ll receive a quarterly bill from Medicare and will need to choose from one of the following:

-Write a check

You can write a check for the balance due (payable to CMS Medicare Insurance), and mail it directly to the Medicare Premium Collection Center (P.O. Box 790355, St. Louis, MO 63197).

-Credit card or debit card payment

On the premium invoice, you have an option to enter your credit or debit card information. Be sure to add your signature to authorize the payment. Then mail the invoice to the Medicare Premium Collection Center at the address listed above.

-Pay through your bank’s online bill pay system

Just like any other bill you pay through your bank’s website, you can simply add CMS Medicare Insurance as an online bill payment. Use your Medicare Claim # as the account number. Your Medicare Claim # is listed on your Medicare card, as well as on the billing invoice.

-Medicare Easy Pay

This is a commonly underutilized option that automates monthly payments, rather than paying each quarter.  You will need to complete and return the Authorization for Pre-Authorized Payments form (SF-5510) to the Medicare Premium Collection Center (P.O. Box 979098, St. Louis, MO 63197).  ← NOTE: This is a different P.O. Box than the one for mailing premium payments.

It can take Medicare up to 6-8 weeks to process the paperwork. This means that by the time Medicare starts deducting your Medicare premiums, it could be 2 or 3 months’ worth to get caught up. After that, you’ll see monthly drafts out of your bank account, typically around the 20th of each month. To play it safe, you might want to consider paying the first quarterly invoice in full by one of the methods above while your Easy Pay paperwork is processing.

Note: Two Ways You CANNOT Pay Medicare Premiums, regardless of whether or not you’re receiving Social Security retirement benefits…

With cash or by phone.

Reference Links

www.medicare.gov
Medicare Easy Pay
Medicare Part B
IRMAA (Income Related Monthly Adjustment Amount) Premiums

Neither Medicare Mindset LLC nor its agents are connected with the Federal Medicare program.