Ways to pay for your Part B Medicare Premium.
By David S. Edge
Most Americans receiving Social Security payments have their Part B Medicare premium deducted right from their monthly benefit check, so they don’t have to worry about paying by a separate method.
But, if you are not receiving your Social Security check and are on Medicare Part B, you will be automatically billed by Medicare with an actual paper bill in the mail that you are expected to pay quarterly. The current Part B rate for most Americans is $134 a month (remember this is based on income, so if you make more, you pay more). So quarterly billing for most Americans will result in a $402 payment due every three months, payable by check via U.S. Mail. But wait! There are alternative payment methods that you may not be aware of for those of us who are not receiving a monthly Social Security check.
When you receive the first paper bill from Medicare, the front page will have a tear away section at the bottom of the page to mail back with your first payment along with your check. However, if you continue to look at the second page of the bill, you will find instructions for alternative payment methods, such as electronic payment options, including credit cards… that way you get your miles!
Keep in mind that as soon as you activate your monthly Social Security benefit check, Medicare will automatically stop billing you and start taking your Part B payment right out of your monthly Social Security benefit check.
IRS, Social Security, and Medicare are really good friends and they all know what you make and what you owe. You just get to decide how to pay until you start Social Security benefits.
