Which Medicare Parts Do You Pay For?
The amount you pay for Medicare will depend on various factors, including the type of coverage you get, your income, and if you receive benefit payments. Here’s a breakdown of the different parts and their costs.
Part A
Medicare Part A provides hospital insurance coverage, skilled nursing facility care, hospice, and home health care. If you or your spouse paid the minimum amount of required Medicare taxes throughout your life, you won’t have to pay a monthly premium for this coverage. However, if you don’t qualify for premium-free Part A, you can buy it. As of 2022, the cost comes to $274 or $499 per month, depending on how long you worked and how much you paid in Medicare taxes.
Part B
Medicare Part B provides medical insurance to cover doctors’ bills, outpatient bills, durable medical equipment, and other medical insurance costs. The standard premium amount for Part B in 2022 is $170.10, but if your income from two years prior is above a certain threshold, you will be charged more. The Income Related Monthly Adjustment Amount (IRMAA) is in addition to the standard Part B premium. In 2022, an IRMAA is charged if you make above $91,000 and will increase as your income increases.
Part C
Medicare Part C, also known as Medicare Advantage Plans, offers an alternative to Part A and Part B Medicare. You get medical and hospital insurance coverage from private, Medicare-approved companies. Medicare Advantage may also offer drug coverage (Part D) and even health, vision, dental, and hearing services. Medicare Advantage premiums vary. You’ll need to stay in Part B and continue paying any Part B premiums to qualify for Medicare Advantage (Part C).
Part D
Medicare Part D offers coverage for the costs of prescription drugs. It’s often included in Part C but can be added to Original Medicare plans. Your Part D premium cost will vary by plan, and higher-income individuals will pay more.
How Often Do You Need To Make Payments?
The frequency of bill due dates will depend on the type(s) of Medicare you have. When premium payments are required, Medicare Parts A and D require monthly payments. If you only have Medicare Part B and get bills, you’ll only receive them once every three months. All Medicare bills are due by the 25th of the month.
Medicare Payment Methods
Medicare accepts various payment methods, making it convenient to stay up-to-date on your premium payments. Here’s a look at the options.
Credit Card
Credit card payments process faster than other forms, particularly when you pay with your secure Medicare account. You can pay your Medicare premiums with a Visa, Mastercard, Discover, or American Express credit card. You can pay with a credit card in the following ways:
By mail: Your bill will have designated boxes for credit card details. Don’t forget to sign and send back the coupon. Without a signature, the coupon will be returned to you and the payment won’t be processed.Online: Pay at Medicare.gov by logging into your secure account and clicking “Pay my premium.”
While no phone payment option is listed, you can call 1-800-MEDICARE (1-800-633-4227) with any payment questions you may have.
Debit Card
Along with credit cards, Medicare accepts payments via debit cards online and through the mail. You can pay with a Visa, Discover, Mastercard, or American Express card.
Check or Money Order
Do you prefer to pay by check or money order? No problem. Send it back with your payment coupon using the return envelope that came with your bill. If you don’t have the coupon, write your Medicare number on your check or money order. If you don’t have the return envelope, you can mail it in another envelope to: Medicare Premium Collection Center P.O. Box 790355 St Louis, MO, 63179-0355
Your Bank’s Bill Pay
If you’d like to make a payment online directly from a checking or savings account, you can do so in two ways. First, you can log into your Medicare account, click “Pay my premium,” and enter your bank account details. Second, you can contact your bank to request an online bill payment, either one-time or recurring.
Medicare Easy Pay
Medicare Easy Pay is a free service enabling automatic payments so you don’t have to manually pay your premiums. You enter your bank account details and agree to automatic withdrawals. Medicare then deducts your premium payments from your account on the 20th of each month (or the first business day after the 20th). Sign up for Easy Pay online by logging into your Medicare account and selecting “My Premiums.” From there, click “Sign Up” and complete the short form. Additionally, you can fill in the Easy Pay enrollment form online and follow instructions on printing and mailing it.
