Now that you’re Medicare-eligible you may wonder how you pay for your Medicare Part A and Part B premiums. There are three different scenarios that boomers may find themselves in.
1) Do You Receive Retirement or Social Security?
If you receive Civil Service, Social Security, or Railroad benefits your Medicare premiums will be automatically deducted from your benefit. There may be a situation in which Civil Service or Railroad Retirement Benefits may require you to pay a bill. If you do receive a bill the address for payment is below.
2) Will You Pay for Your Part A Premium?
If you pay out of pocket for your Medicare Part A premium you will receive a bill. Why is this? It’s because the majority of people do not pay anything for Medicare Part A. If you do, it costs $505 per month.
3) Do You Have to Sign Up for Part B?
If you do not receive benefits and sign up for Medicare Part B you’ll receive a bill. For most people, Medicare Part B’s premium is $174.70 per month. If you make over $85,000 a year you will pay more. To calculate your exact amount contact social security.
Click here to see a Medicare Overview.
Options to Pay Your Medicare Bill
If you answered yes to either question 2 or 3 you will receive a bill from Medicare. Here are the ways you can pay your Medicare bill:
- Medicare Easy Pay a free service that automatically deducts your premium payments from your savings or checking account each month.
- Pay by Mail pretty self-explanatory, but you can pay by check, money order, or credit card by mail (address below)
If you receive a bill from Medicare:
Medicare Premium Collection Center
P.O. Box 790355
St. Louis, MO 63179-0355
If you receive a bill from your Railroad Retirement Benefits
RRB, Medicare Premium Payments
P.O. Box 979024
St. Louis, MO 63197-9000
If you have Civil Service benefits but NOT entitled to Social Security benefits
You may choose to pay your premium by a bill or have it deducted from your Civil Service annuity. To have it automatically deducted, send an email to OPMMailbox@cms.hhs.gov.
How to Pay for your Medigap Plan?
If you have a Medicare Supplement Insurance (Medigap) you cannot pay through Social Security. Instead you will pay your bill through your private insurer.
Learn More about Medigap Get a Medigap Quote
How to Pay for your Medicare Advantage Plan?
If you have a Medicare Advantage plan you can pay for it through Social Security or through your insurer.
Learn More about Medicare Advantage Get a MA Quote
For further questions about your Medicare and Medicare Insurance payments call the number above.