Many new Medicare enrollees are shocked to get their first bill for Medicare Part B in their mailbox and see the amount be nearly $500. Wait…wasn’t it supposed to be $164.90/mo?
Unfortunately, the default billing for Medicare Part B is QUARTERLY paper bill. Yuck!
Thankfully, there is an ‘easier’ way. Medicare Easy Pay.
Medicare Easy Pay is the system that allows you to have your Medicare Part B premium automatically deducted from your bank account each month.
We strongly recommend setting this up because its much easier AND you are less likely to miss a payment which could mess up your benefits.
Your payment will show up on your bank statement as “CMS Medicare Premium”.
There are two ways to sign up for Medicare Easy Pay:
We strongly recommend completing the form through your online profile.
Here’s how to do it:
Go to www.mymedicare.gov and login using your username and password.
If you do not yet have an account, select “create an account now”.
Make sure you have your login information saved because there is a lot of useful information within your profile that you may want to access again in the future.
Click on your name in the top right corner to open the “My Account” and “My Information” menus.
Select the “My premiums” option.
Within the “My premiums” section, you’ll be able to see how much your current monthly premium is for Medicare Part B, your current and past bills, plus your payment history.
If you just recently signed up for Medicare your information may not being showing up in the system yet (like our example below). That’s ok.
To set up your recurring payments via Medicare Easy Pay online, you’ll need to click on the “Sign Up” button indicated by the red arrows below.
You’ll now see the form for signing up for Medicare Easy Pay. Carefully enter your bank routing number and account number. Then check the box and click “Submit” to complete the registration process.
You can expect Medicare Easy Pay to take up to 6-8 weeks before your Part B premiums begin being deducted from your bank account.
Yes, as the Medicare Part B premium changes (typically each year) your automatic payment will adjust as well. This is convenient as it means that you should not have to change your Medicare Easy Pay information after you set it up initially, unless you prefer to have the payment come out of a different bank account.
Your first automatic payment may deduct up to 3 months of premiums. After that, it will revert to charging you for one month at a time.
Medicare Easy Pay deducts your premiums on the 20th day of each month. However, if the 20th day falls on a weekend, your premium will be deducted on the next business day.
When you begin receiving payments from Social Security, your Medicare premiums will automatically be deducted from that amount instead of the bank account you set up through Medicare Easy Pay.
Within your MyMedicare profile, you will see the "How you pay" section update to reflect this.
The easiest way to pay for your Medicare premiums, until you begin taking Social Security, is to set up recurring automatic payments through Medicare Easy Pay.
If you’re struggling to complete the online form, give us a call or schedule an appointment and we’ll do our best to walk your through the process.
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