Help! I Can’t Afford My $660 Medicare Premium!

Dear Toni,

My Medicare begins September 1, and I’ve received my first bill for $660. This bill is for 4 months, from September to December. So, I thought Medicare had a monthly premium of $164.90. If I pay this outrageous premium, then I can’t afford my car payment.

This bill for Medicare is due August 25. Does Medicare allow monthly payments for the Medicare Part B premium? I can’t have my Medicare premium taken from my Social Security check. I work and make more than Social Security allows without having to pay a penalty, since I’m not at my full retirement age.

Thank you in advance,
Jackie from Dallas, Texas

Jackie,

You’re correct! Americans can, in fact, pay their Medicare premiums monthly by having the premium taken from their Social Security check. Social Security will automatically deduct the monthly Medicare premiums. You’ll then receive a letter stating that the Medicare beneficiary (you) had your Medicare Part B premiums deducted from your Social Security check.

Jackie, I urge you to set up your Medicare.gov account and pay your Medicare bill immediately. In your Medicare account is information such as:

• Your Medicare Part A and Part B enrollment dates
• Your Medicare Part D prescription drug plan or Medicare Advantage plan
• Medicare claims
• Instructions on printing a copy of your Medicare card and other information regarding your Medicare account
• The option to pay your Medicare premium monthly via credit, debit card, or your checking account. You can set this up through the Medicare.gov website. Alternatively, you can also use a Health Savings Account (HSA) debit card to pay for the Medicare premium.

If you’d like to have your premium deducted directly from your bank account monthly, then use the Medicare Easy Pay option, available on Medicare.gov. The Medicare Easy Pay application process takes 4 to 6 weeks, In the meantime, you can pay using the Medicare.gov website on a monthly basis so you can keep up with your payments until the Medicare Easy Pay process starts.

What Would Toni Do?

Personally, I started my Social Security check at my Full Retirement Age (FRA). Now, I deduct my Medicare premiums from my SSA check. Before receiving my Social Security check, I paid for my Medicare premium using a credit card on my Medicare.gov account.

If you don’t keep up with your Medicare premium payments, then you can lose your benefits. Worse still, you may be slapped with a penalty when you re-enroll in Medicare. Do NOT fall behind on your payment, because Medicare can take away your benefits for non-payment. Trust me, America. You don’t want to be without Medicare in this day and age!

You must pay your Medicare Part D Prescription Drug Premiums to the issuing insurance company. Make a note: You do NOT pay this premium via Medicare.gov. One can pay their Medicare prescription drug premium either directly to the prescription drug company by check or credit card.

Once you begin receiving a Social Security check, then both Medicare Part B and Part D prescription drug premiums can be taken directly from it.

Many people don’t realize that they can pay their Part B premiums monthly, even when not receiving their Social Security check. All you need to do is follow Medicare’s rules. Take your time to study this confusing Medicare process. Remember, readers—what you don’t know about enrolling in Medicare WILL hurt you.

More Medicare Resources

Do you want even more Medicare information? Then check out these great resources next!

• HR Managers Need to Know THIS About Medicare
• Retiree Needs Medicare by February 1st! What Are His Options?
• Why Applying for a Medicare Supplement at the Right Time is Essential
• Over 700,000 Boomers Receive Medicare Penalties That Last a Lifetime!