4 Ways To Pay For Your Medicare Part B Premium Today
If you have just enrolled in Medicare and you’re wondering how to pay for your Part B premiums, you’ll be glad to hear there’s no one but multiple ways to pay without leaving home.
In case you didn’t know, if you have both Part A and Part B you are enrolled in the so called Traditional Medicare, but unlike Part A which is premium-free, you’ll have to pay a premium for your Part B.
The Part B of your Traditional Medicare pays for preventive services, supplies, needed medical equipment, ambulance and other outpatient expenses. The amount you’re expected to pay in 2017 is of $134 to $428.60 depending on your tax return –plus any late enrollment penalty you might have.
In order to guide you I collected information from the Medicare.gov page and the Medicare & You handbook. Here you’ll find an easier explanation of how to pay for your Part B premium:
Pay with your credit or debit card
We’re in 2017, everything is virtually payable with your credit or debit card –and Medicare is no exception to the rule.
Your Medicare Bill will include a payment coupon, which you would have to fill with your account information and expiration date on your card. Once you’re ready mail your payment to the following address:
Medicare Premium Collection Center
P.O. Box 790355
St. Louis, MO 63179-0355
Pay directly from your online bill payment service
This is perhaps the easiest and more convenient way of paying for your Part B premium. All you have to do is contact your bank and affiliate the payment, next time you would be able to pay directly from your bank account.
Isn’t that nice?
Consider Medicare Easy Pay
Medicare Easy Pay is a free service that would automatically deduct the premium payment from your bank account or savings. The Medicare.gov page states this is typically done around the 20th of the month.
Some people might not like Medicare Easy Pay since they don’t like automatic deductions from their account. It’s a matter of personal taste.
Pay by check or money order
The least convenient of all the payment methods, and still the one you can rely on if everything else fails. Had some trouble with your Internet? You decided not to use Medicare Easy Pay? Then go traditional and mail your payment to the same address you would use when paying with credit or debit (refer to point #1.)
Now before you go, I thought you might want to know the Medicare Open Enrollment is about to end in just a week. After December 7 you will no longer be able to change or update your Medicare policy –that means you would have to wait a year again if you want to get a Medicare Advantage policy or change Medigap.