A premium is the amount of money you pay for an insurance policy. Medicare has multiple parts to it and each are their own insurance policies. The premiums being charged to you for Medicare depend which parts of Medicare you’re enrolled in.
For most people Medicare Part A (Hospital coverage) is no charge. As long as you or your spouse have worked in the country for 10 years you will not have to pay a premium for Medicare Part A.
Medicare Part B (Doctor coverage) has a monthly fee to it. Most people pay $170.10 per month in 2022 but that amount depends on your 2020 income (IRMAA) and whether you have a late enrollment penalty.
If you are collecting Social Security benefits, Medicare Part B must be paid by deducting it out of your Social Security check.
If you’ve delayed Social Security benefits you can pay for Medicare either by:
To sign up for Medicare Easy Pay you can either log into your Medicare.gov account or fill out a form with your information and mail it to the below address.
Medicare Premium Collection Center
PO Box 979098
St. Louis, MO 63197-9000
Anyone getting Medicare through Railroad Retirement Board Benefits does not have the option to enroll in Medicare Easy Pay. For questions about RRB benefits, call the 1-877-772-5772.
Many Medicare Supplement companies require a monthly premium to be paid via bank draft. Premiums can also be billed quarterly, semiannually, or annually but some companies charge a higher amount to bill.
Medicare Supplement premiums can not be paid through your Social Security benefit check.
Medicare Advantage and Prescription Drug plans premiums work the same in the state of New Jersey. You can pay the premium one of three ways.
Just like Medicare Part B, Medicare drug plans (including Medicare Advantage plans that have prescription coverage) can have additional premiums based on your 2020 income (IRMAA) and a late enrollment penalty which is charged to people that did not have any creditable drug coverage when they were eligible for it.
For any other Medicare premium questions or for any general questions about Medicare feel free to reach out to New Jersey Medicare Brokers, 800-797-0605.