How to Pay Your Medicare Part B Premiums

How to Pay Your Medicare Part B Premiums

Most people don’t get a premium bill from Medicare because they get their Medicare Part B (Medical Insurance) premium deducted automatically from their Social Security benefit payment (or Railroad Retirement Board benefit payment).

If you don’t get benefits from Social Security (or the Railroad Retirement Board), you’ll get a premium bill from Medicare. If you pay for Medicare Part B only, you’ll get a bill every 3 months, however if you pay for Medicare Part A and/or Part D, you’ll receive a bill every month.

How do you understand your Medicare Premium Bill (CMS-500)? The “Medicare Premium Bill” (CMS-500) is a bill for people who pay Medicare directly for their Part A premium, Part B premium, and/or 

Part D IRMAA. Most people don’t get a bill from Medicare because they get these premiums deducted automatically from their Social Security (or Railroad Retirement Board) benefit.)

What is IRMAA? An extra amount you pay in addition to your Part D plan premium, if your income is above a certain amount.

Your bill pays for next month’s coverage (and future months if you get the bill every 3 months). Your bill lists the dates you’re paying for.

Your bill may also include premiums for past months if:

  • You’re getting your first bill.
  • You missed a payment.
  • Your premium amount changed.

Your bill arrives around the 10th of the month, sent by Medicare. 

What should you do if you get this bill? Pay the total amount of the bill by the due date, which is the 25th of the month for it to be considered on time. To pay your bill, you can log onto medicare.gov, create your own secure Medicare account, sign up for Medicare Easy Pay. You can also check to see if your bank offers an online bill payment service to pay electronically from your bank account or you can also mail your payment by check, money order, credit card, or debit card.

Have any more question about your premium bill? Give us a call — our expert agents in Coral Springs and Parkland are ready and waiting to help! For any more information, please contact Michelle Tunis at (561) 665-7752.

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