For many seniors, enrolling in Medicare means they have one more thing to remember each month. While your previous health insurance payments might have been deducted from your paychecks automatically, you might need to pay Medicare premiums on your own.
Unless your Medicare premiums are deducted from your Social Security benefits monthly, you’ll probably receive a bill in the mail to pay your premiums. But what many seniors don’t realize is that a check or credit card aren’t their only options—you can usually pay these premiums online! Here’s how.
If you pay Medicare directly
If you have purchased Medicare Parts A and B, you might receive a monthly or quarterly Medicare Premium Bill, or CMS-500. This bill can be paid online easily using your MyMedicare account.
After creating and logging into your online account, you should be able to pay your Medicare premium online using a credit or debit card. Look for the “Pay my premium” section of the website.
Another option is to sign up for Medicare Easy Pay. This secure system allows you to make recurring payments every month by automatically deducting your premium from your checking or savings account. Choosing this option can make payments easier. However, it’s a good idea to check on your account every so often to make sure the amount being paid is correct and that any changes to your premiums are reflected in your monthly budget.
If you have a Medicare Advantage or Medigap plan
Paying for premiums online might be a little different if you have purchased a Medicare Advantage (Part C) or Medigap plan from a private insurance provider. In these cases, you won’t pay the insurance company directly for your premiums.
Every insurance provider handles their monthly payment process a little differently. Fortunately, most companies do provide ways for you to pay your premiums online. You’ll want to inquire with your provider about their online payment options and ask them any questions you might have.
Why should you pay Medicare premiums online?
Seniors are usually given a few options when it comes to paying their Medicare premiums. So, why would paying online be beneficial? The process can offer a few benefits:
- Faster processing: Online payments typically take just a few minutes to submit and around five days to process. This is typically faster than traditional mail, so you can worry less about late payments.
- Simple and easy: Once your online account is set up, paying Medicare premiums online is simple and easy. You can do it from the comfort of your home without having to write checks, fill out forms or mail anything.
- Convenience: Online payments tend to be more convenient for the average senior—especially if you’re using Medicare Easy Pay or another automatic system. After you set up your auto-payment, you won’t even need to think about it!
- Pay online for free: Online payments through MyMedicare and Medicare Easy Pay are free; there are no fees involved in the process. Many private insurance carriers also offer free online payments.
If you’re preparing to enroll in Medicare and would like to explore your plan options, reach out to SeniorCare Benefits. We represent a range of plans and will help you identify the right coverage for your needs. Call us today at 1-888-230-0269 so one our agents can assist you.
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