Don’t forget to pay your Medicare premium ! Most people are paying $134 per month for Medicare Part B in 2018. Although, some people with higher income pay more because of the Income Related Monthly Adjustment Amounts (IRMAA).
If you are collecting Social Security or Railroad Retirement Benefits when you turn 65, your Medicare premium is taken out of your monthly benefit.
But…. because the full age for collecting Social Security is 66, some people are waiting to reach their full age to collect – and they will get a bill for the Part B premium. If this is your situation, don’t forget to pay your Medicare premium!
I have a client who was paying her Medicare premium by check every three months and then had a tragedy in her life. Her daughter died and she fell into depression and stopped reading her mail and paying bills.
If you don’t pay your Medicare premium, Medicare is brutal. Medicare will cancel your Part B and will show you no mercy. Medicare has strict rules about when you can re-apply for your Medicare – and they don’t make exceptions.
Andrea (not her real name) missed two payments (4 months worth) last summer/fall and only realized she had lost Medicare Part B when she went to a doctor appointment. Her doctor’s office told her she did not have Medicare Part B, which pays for doctor visits. Andrea went to Social Security and asked them to reinstate her Part B, but they said no.
The Social Security rep told Andrea she would be put back into Medicare Part B during the General Enrollment Period, which is January through March each year. But…. her Part B would not begin again until July. And…. she will be charged a late-penalty for the months she did not have Part B.
How to pay your Medicare premium.
This information is from the Medicare website:
If you sign up for Part B and you don’t get Social Security, RRB, or Civil Service benefits, you’ll get a bill called a “Medicare Premium Bill” (CMS-500).
If you buy Medicare Part A (Hospital Insurance) or you owe Part D income-related monthly adjustment amount (IRMAA), you’ll always get a “Medicare Premium Bill” (CMS-500) each month for your premium.
There are 4 ways to pay your Medicare bill:
- Pay directly from your bank account through your bank’s online bill payment service. Contact your bank or go to their website to set up this service.
- Sign up for Medicare Easy Pay, a free service that automatically deducts your premium payments from your savings or checking account each month. We’ll deduct your premium from your bank account, usually on the 20th of the month.
- Pay by check or money order. Mail your Medicare payment coupon and payment to:
Medicare Premium Collection Center
P.O. Box 790355
St. Louis, MO 63179-0355
- Pay by credit card or debit card. Complete the bottom portion of the payment coupon on your Medicare bill, and sign it. You’ll need to provide the account information as it appears on your card and the expiration date. Most credit cards today only have the month and year in expiration date field. If your credit card only has a month and year in the expiration date, fill in the month and year on the payment coupon and leave the day field blank. Mail your payment to the address above.
What if my premium payment is late?
If your premium is late, you’ll get a Second Bill reminding you to pay your premium. If you don’t pay the premium by the due date for the Second Bill, you’ll get a Delinquent Bill. If you get a Delinquent Bill and you don’t pay your premium by the 25th of the month, you’ll lose your Medicare coverage.