What is Medicare Easy Pay And How Does it Work?

What is  Medicare Easy Pay And How Does it Work?
Medicare

The automated payment system developed by CMS to pay your Medicare premiums in Medicare Easy Pay.

CMS (Centers for Medicare & Medicaid Services) provides Medicare Easy Pay from a bank account or a savings account for Medicare Part A and  Medicare Part B Premium Payments. Most individuals get Part A at no discount, so for Part B premiums only, individuals usually use Easy Pay.

If you sign up for Easy Pay, it will automatically subtract your premiums from the account you specify.

How Does Medicare Easy Pay Work?

The Center for Medicare and Medicaid Services (CMS) will take 6 to 8 weeks to process your application after you sign up for Medicare Easy Pay by sending in your enrollment application.

Note,  it is necessary to pay any billed premiums in the meantime. 

Then, when you're set-up, CMS will give you a financial statement called a "Medicare Premium Bill" on a monthly basis. But, this is only for your reference, because when you're set up for Easy Pay, you won't have to pay it, since it will now be deducted monthly from your account. CMS has a diagram to help you read this document here.

Medicare.gov also reports that by the 20th of the month, premiums usually come out of your checking or savings account.

 

Medicare Easy Pay

 

Also Read : Why Switch to Online Enrollment for Medicare

 

How Do You Sign-up for Medicare Easy Pay?

 

Enroll From Medicare.Gov

Log in or create your secure Medicare account — Select "My Premiums" and then "Sign Up" to complete a short, online form.

Enroll By Mail

Fill out and mail a paper form — Print the Authorization Agreement for Preauthorized Payments form (SF-5510): PDF in English or HTML in English or PDF in Spanish or HTML in Spanish. Mail your completed form to:

Medicare Premium Collection Center
PO Box 790355
St. Louis, MO 63179-0355

Via Medicare.Gov

Furthermore, if you're already signed up for Easy Pay, but want to make a move, this is also the address you're going to send the same form into. Only add the adjustments you want to make for the new Easy Pay Enrollment on the same form you would send in.

Enroll yourself in Person

Alternatively, you may also go to the local Medicare office / Social Security office and make an appointment via the office to send your details.

 

 

Related Articles: 

What You Need to Know About Medicare Plans Renewal

Medicare Enrollment Periods you Need to Know

Related Posts

What is  Medicare Easy Pay And How Does it Work?

Fri, Oct 16, 2020 10:46 PM

medicare service
Does Medicare Pay for Home Health Care?

Medicare is covered only by home health care services prescribed by a physician and delivered by qualified nurses, although patients must meet strict eligibility criteria.

What is  Medicare Easy Pay And How Does it Work?

Mon, Oct 19, 2020 3:16 PM

medicare service
Easiest Way to Apply For Medicare

What is the easiest way to apply for Medicare? Well, you are in the right place! Most people were automatically enrolled and became eligible for Social Security when they turn to 65. We didn't need to apply for Medicare until President Reagan signed the legislation which raises the retirement age in 1983 and begins in 2003.

What is  Medicare Easy Pay And How Does it Work?

Mon, Oct 19, 2020 4:54 PM

medicare service
Can You Claim Prescription Glasses on Medicare?

While eye care is a common need as we age, Medicare coverage is extremely restricted for most vision services. It is normally based on whether you encounter any medical problems that can impair your eyesight. 

What is  Medicare Easy Pay And How Does it Work?

Tue, Oct 20, 2020 9:53 PM

medicare service
What will it Cost You When you Join Medicare?

Many people believe that Medicare is free because, for much of their working life, you have paid into Medicare by taxes, but that assumption is not right.

What is  Medicare Easy Pay And How Does it Work?

Thu, Oct 22, 2020 8:24 PM

medicare service
7 Ways to Lower Your Medicare Premiums

Often, Medicare premiums come as a shock to new Medicare recipients. You may have noticed that the federal government has been deducting taxes for years from your paychecks. And yes, these deductions go into paying your future payments for Medicare Part A as well as your income checks from Social Security.