Simplifying Your Payments with Medicare Easy Pay
Many new Medicare enrollees are surprised when they receive their first bill for Medicare Part B and find it to be nearly $500. While the standard monthly premium for Part B is $174.70, Medicare bills quarterly by default, leading to large, unexpected charges.
To avoid these hefty quarterly bills, Medicare Easy Pay is a convenient solution.
What is Medicare Easy Pay?
Medicare Easy Pay is an automatic payment system that deducts your Medicare Part B premium directly from your bank account each month. This method is easier and reduces the risk of missing a payment, which could affect your benefits. Your payment will appear on your bank statement as “CMS Medicare Premium.”
How to Sign Up for Medicare Easy Pay
You can enroll in Medicare Easy Pay using one of two methods:
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Paper Form: Complete the Authorization Agreement for Preauthorized Payments (Form SF-5510) and mail it to CMS.
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Online Enrollment: Use your MyMedicare.gov account to complete the process online
We recommend using the online method for its convenience. Here’s how to do it:
Steps to Enroll Online
Step 1: Visit MyMedicare.gov Log in with your username and password. If you don’t have an account, select “Create an Account Now.” Save your login information for future access to your profile.
Step 2: Navigate to My Premiums. Click on your name in the top right corner to open the “My Account” and “My Information” menus. Select the “My Premiums” option.
Step 3: Review Premium Information
In the “My Premiums” section, you can view your current monthly premium for Medicare Part B, past bills, and payment history.
If you recently signed up for Medicare, your information might not yet appear. This is normal.
Step 4: Set Up Easy Pay. Click the “Sign Up” button in the “My Premiums” section.
Enter your bank routing number and account number carefully.
Step 5: Check the authorization box and click “Submit” to complete the registration.
FAQs
How Long Until Easy Pay Starts?
It may take 6-8 weeks for Easy Pay to begin. Continue paying your premiums as usual until then.
Does Easy Pay Adjust as Part B Changes?
Yes, Easy Pay will automatically adjust if your Part B premium changes.
Why Did Medicare Charge Me for 3 Months?
Medicare bills quarterly by default, which can result in a larger bill if Easy Pay hasn’t started yet.
What Day Does Medicare Bill?
Medicare usually bills around the 20th of each month for the next month’s coverage.
What Happens to Easy Pay When I Sign Up for Social Security?
What happen to Easy Pay When I Sign up for Social Security?
Once you start receiving Social Security benefits, your Medicare premiums will be automatically deducted from your social security payments. instead of from the bank account you set up with Medicare Easy Pay.
In your MyMedicare profile, the "How you pay" section will update to reflect this change.
Summary
The simplest way to manage your Medicare Part B premiums until you begin receiving Social Security is by setting up recurring automatic payments through Medicare Easy Pay. If you encounter any difficulties while setting up Easy Pay online, feel free to contact us for assistance or schedule an appointment for personalized help.