Medicare Supplement insurance (called Medigap) helps to cover the costs Medicare passes on to patient. Many seniors wonder if they can pay their Medigap premium directly from their Social Security savings account.
What is Medicare Supplement Insurance?
Medicare Supplement coverage (Medigap) is additional insurance for Medicare enrollees offered by private insurance companies. Original Medicare has gaps in coverage that require patients to pay anywhere from 20% of doctor’s visits to thousands of dollars for hospitalization. Depending on which plan you select, a Medigap plan can pay most or all of these costs. Medigap, however, requires you to pay a monthly premium to get this additional coverage. Many of our clients want to know if this monthly cost can be automatically deducted from Social Security rather than paying the insurance company directly.
Can you pay your Medigap Premium through Social Security?
No. You will have to pay your Medigap premium directly to your private insurance provider. Most require that you set up automatic electronic funds transfer* through your bank but some allow you to pay by invoice or, rarely, even credit card.
*Many plans give Medigap autopay discounts if you automatically pay your bill. Learn more about other Medigap discounts available to seniors over 65.
Can you pay any Medicare Part (A-D) costs using Social Security?
Yes, you can still pay Medicare Part B premium (usually $170.10) through Social Security. You can also pay for Medicare Advantage and Medicare Part D drug coverage through Social Security. While most people are NOT required to pay for Medicare Part A premium (usually $471), it can be paid through Social Security savings as well. Medigap premiums, however, must be paid to the insurance provider directly and cannot draw from your Social Security.
If you want to know more about enrolling and paying for your Medigap plan, call one of our Senior65 licensed agents at 800-930-7956.