Why Financial Experts Say Medicare Easy Pay Is the Smartest Way to Pay Your Bills
This automatic payment service takes the stress out of managing your Medicare bills—and enrollment is simple
There are many ways to pay your Medicare bills: over the phone, by check or with Medicare Easy Pay—the option most financial experts prefer. Below we share why that is and how you can enroll in Medicare Easy Pay.
What is Medicare Easy Pay?
Medicare Easy Pay is an automatic online payment service many Americans on the government-funded healthcare program use to pay their recurring Part A and Part B premiums. Medicare bills Part C and Part D work differently, though. For more information on that, click here.
“Medicare Easy Pay is the best way to pay your Medicare Part B premium if you want it automatically drafted from your bank account each month,” Danielle K. Roberts, Medicare expert and co-founder of the insurance firm Boomer Benefits, explains. “You will never have to worry about forgetting to pay your Part B premium and having your coverage lapse as a result.”
On average, Part A doesn’t cost anything, but Part B runs around $202.90 a month—though your premium may be higher or lower depending on your income. For more information on this, click here.
How does Medicare Easy Pay work?
According to Daniel Cham, MD, a medical consultant for practice management and patient care at NexGen Innovative Solution LLC, “The Centers for Medicare & Medicaid Services (CMS) automatically withdraws your premium amount from your bank account each month after issuing the Medicare billing statement.”
The deduction will be labeled as “CMS Medicare Premiums” on your monthly statement and according to CMS, the money will be taken out on the 20th of every month. If the 20th falls on a weekend or holiday, the deduction will be taken on the following business day.
“For many patients, Medicare Easy Pay is a convenient and reliable option because it minimizes missed payments and helps prevent lapses in Medicare coverage,” says Dr.Cham.
How to enroll in Medicare Easy Pay
To enroll in Medicare Easy Pay Dr. Cham recommends completing the Medicare Easy Pay authorization form available on the Medicare website and submitting it online or by mail.
He also notes that you’ll need to provide your bank account information in the submission, so make sure you’re comfortable sharing those details before you submit your application.
Once sent, CMS notes that it can take up to 6 to 8 weeks for your automatic deductions to start, so until they notify you that you’ve been approved, you’ll need to make payments as usual.
If you aren’t approved, the CMS will send you a letter explaining why along with other payment options that might be better for you. Reasons for being denied include:
- Having your premiums deducted from your monthly Social Security checks.
- Owing more than three months of premiums.
- Using it for Medicare Parts C and D.
Are there ways to save on Medicare costs?
If you think your Medicare bills are too high, Dr. Cham advises reviewing plans annually, comparing Medicare Advantage and supplemental options and checking eligibility for Medicare Savings Programs that help cover premiums and out-of-pocket expenses.
All of these programs could help lower the cost of your bills and result in less money being taken out of your bank account every month.
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