You’re all set with your Medicare and Medicare insurance plans, but do you know how to pay? Not to worry. We’ve listed the different ways you can pay for your Medicare and Medicare health plan premiums.
How to Pay for Medicare
There are a few ways to pay for your Medicare Part A and Part B premiums:
- If you get Social Security, Civil Service, or Railroad benefits it will automatically be deducted. IF NOT:
- Easy Pay -an automatic payment option that is deducted from your savings or checking account (fill out an auto Easy Pay Form) OR
- Pay by check, money order, or credit card
How to Pay for Medicare Advantage
You pay your Medicare Advantage plan’s monthly premium directly to the insurance provider NOT Medicare. Here are your options:
- Pay your bill each month by check or credit card OR
- Have your premium deducted automatically from your savings or checking account
How to Pay for Medigap
You pay for your Medigap plan’s monthly premium directly to your insurance provider. Here are your options:
- Pay your bill each month by check or credit card OR
- Have your premium deducted automatically from your savings or checking account*
*Some Medigap providers offer discounts if you pay your bill automatically.
How to Pay for Prescription Drug Coverage
If you have a stand-alone prescription drug plan there are a few ways to pay for your plan:
- Have it automatically withdrawn from your Social Security benefit** (takes up to 3 months to set up, and 3 months are withdrawn at once) OR
- Pay your bill each month by check or credit card OR
- Have your premium deducted automatically from your savings or checking account
**To have your payment withdrawn from your SS benefit, you will need to contact your insurance provider NOT Medicare or Social Security.
Next Steps
If you already have Medicare and/or a Medicare Health Plan set up your monthly payment in a way that makes the most sense for you. If you don’t have a Medicare Health Plan click here to get started with a Medicare Insurance quote.