How to pay Medicare premiums while not receiving Social Security
Dear Toni: My Medicare starts Nov. 1, and I received my first bill, due Oct. 25, about a week ago. This bill is for three months, from Nov. 1 to Jan. 31, and it’s over $550. I currently have more than $12,000 on my health savings account debit card through my past employer, and I was wondering if Medicare will accept payments made with an HSA debit card.
I still work and make more income than Social Security allows without having to pay a penalty because I am not at my full retirement age. Therefore, I can’t start my Social Security check so that my Medicare premium can be deducted monthly. How can I pay that premium amount by the due date? — Valerie, Cleveland
Dear Valerie: Medicare offers four ways to pay your premium online, including with an HSA account. You should open a Medicare.gov account since you are not receiving your Social Security check. The other ways of paying include by credit card, debit card or direct payment from your checking or savings account.
Once you open your online Medicare account, you can arrange to pay your bill using your HSA. To have your Medicare Part B premium set up to be paid on a monthly basis, visit Medicare.gov and elect monthly payments. It takes about six to eight weeks for the Easy Pay form to process. Be sure that you keep up with your monthly premiums so your Medicare Parts A and B are not terminated before your Easy Pay is activated.
I urge everyone on Medicare to stay current with your Medicare premiums. By missing a payment, Medicare beneficiaries can lose their benefits and may be charged a penalty when they re-enroll.
To create a Medicare.gov online account, you must have applied for Medicare Part A and have your assigned Medicare number. Your account includes information such as:
■ Your Medicare Part A and B enrollment dates.
■ Which Medicare Part D prescription drug plan or Medicare Advantage plan you are enrolled in.
■ Options to pay your Medicare premium, Medicare claims, print your Medicare card and much more.
The Medicare Part D premiums are managed by the prescription drug company. Medicare beneficiaries can pay their Medicare prescription drug premium either directly to the company by check or credit card or by deductions from their Social Security payments.
Like Valerie, many Americans do not realize they can pay their Part B premiums monthly when not receiving their Social Security check.
Toni King is an author and columnist on Medicare and health insurance issues. If you have a Medicare question, email info@tonisays.com or call 832-519-8664.
