If you're tired of dealing with quarterly Medicare Part B bills, there's good news. You can switch to monthly automatic bank drafts by filling out the "Medicare EZ Pay" form, also known as the "Authorization Agreement for Preauthorized Payments" (SF-5510). This will allow Medicare to easily deduct your monthly premium from your bank account, making the payment process much easier.
If you sign up for Medicare when you're 65 but don't want to start receiving Social Security payments yet because you want it to grow over time, you can do that. However, if you choose this, you will need to pay for Medicare Part B directly. If you prefer to have Medicare bill you, they will send you a bill every three months, and it can be over $500. My suggestion is to ask for the Medicare EZ Pay form, which they might not always tell you about. This way, you can have the money taken out of your checking or savings account each month for Medicare Part B.
When you do eventually sign up for Social Security, they will automatically take your Medicare Part B premium out of your Social Security payments. After you sign up for Medicare Part D, a drug plan, you can also ask the insurance company to take that money from your Social Security. If you have a premium for your Medicare Advantage (Part C), that can also be taken out of your Social Security payments.
Understanding Medicare EZ Pay
By completing the Medicare EZ Pay form, you give Medicare permission to withdraw your monthly Part B premium directly from your bank account. This means you won't have to worry about remembering to pay or missing any due dates - it's all done automatically.
What is Medicare EZ pay
Medicare EZ Pay is a convenient service offered by Medicare that allows beneficiaries to set up automatic premium payments for Medicare Part B. This service helps individuals in transitioning from the hassle of quarterly bill payments to the ease of automatic monthly premium deductions from their bank accounts.
By completing the "Authorization Agreement for Preauthorized Payments" form (SF-5510), also known as the Medicare EZ Pay form, individuals authorize Medicare to automatically withdraw their monthly Part B premium payments directly from their designated bank accounts. This relieves beneficiaries of the burden of remembering to make payments and mitigates the risk of missed or late payments.
The Medicare EZ Pay features a secure online option and a paper-based alternative for form submission, providing flexibility for beneficiaries to choose the method that best suits their preferences.
For additional information and assistance with Medicare EZ Pay, individuals can reach out to Medicare directly at 1-800-MEDICARE (1-800-633-4227).
Accessing the Form
You can get the form online through your Medicare account or simply call Medicare to ask for a paper copy. This gives you the flexibility to choose the method that works best for you.
Information Needed
When you fill out the form, you'll need to have your Medicare number, bank account details (routing number and account number), and your signature ready.
