How do I pay for Medicare if I’m not receiving Social Security Benefits?
Many people on Medicare pay for their Part B premiums out of their Social Security benefit. The premium is taken out before you even get your deposit. But how do you pay for Medicare if you aren’t receiving your Social Security benefits yet?
The default is quarterly billing from Medicare.
This can be alarming because the bill is for 3 months premium at one time. In 2023, the standard Part B premium is $164.90 per month. So 3 times that amount is $494.70. It’s easy to mistake that bill for a monthly payment instead of quarterly.
Your first bill may be different
Medicare has everyone on the same quarterly cycle. But you may start Medicare during a month that doesn’t fit perfectly with that cycle. So what happens?
Medicare will not bill you for less than a quarterly amount. So it’s possible your first bill will be for 4 months or even 5 months of premium payments.
Then your next bill will be on Medicare’s normal quarterly cycle.
What are your options for recurring payments?
You can do nothing and remain on quarterly payments.
Or you can set up automatic monthly payments out of a checking or savings account.
- You can complete the Medicare Easy Pay form and mail that to Medicare
- You can create a Medicare.gov account and set up monthly payments electronically
What happens when I start receiving Social Security benefits?
You’ve been on Medicare for awhile but now it’s time for you to start your Social Security benefits too. So what happens with your payment method?
Your Medicare Part B premiums will automatically convert to Social Security withdrawal.
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