Medicare Payment for 2024: How to set it up
Over the years, the process I use to introduce clients to Medicare and Medicare insurance has evolved. This evolution has been based on my personal and professional growth. The process has evolved chiefly because Medicare and insurance companies have evolved. Clients and their needs change and evolve as well. Paying for Medicare is one of those changes. So, how do Medicare payments work in 2024?
Delayed Social Security Benefits
More clients retire or take Social Security Benefits at full retirement age, which is at least 66 and 10 months. (Next year, full Social Security Benefits will be at age 67 for everyone, or 67 for those born in 1960 or later.) Medicare eligibility, however, remains at 65.
Consequently, Medicare beneficiaries need a way to pay their Medicare Part B premium. In the past, the monthly Part B premium was deducted directly from a person’s Social Security check, but since most are delaying Social Security Benefits, you must pay a different way.
Medicare Payment Options for 2024
There are four ways to make your Medicare Part B premium payment for 2024.
- You can pay by check quarterly through the mail upon receipt of your bill for Part B from Social Security. The SSA only accepts checks for quarterly payments.
- Pay online from your checking account monthly with an EFT (electronic funds transfer).
- Pay online by credit card monthly.
- Pay by monthly deduction from your Social Security.
The place where your Medicare payments for 2024 occur is in your MyMedicare.gov online account.
At the end of an enrollment appointment, I ask clients how they wish to pay their Medicare Part B premium if they are not getting Social Security benefits. Most do not have a MyMedicare.gov account, so I set it up for them at the end of the meeting.
Online Medicare Payment for 2024 Instructions
Here is how to do it.
- Type mymedicare.gov in the address bar of your browser. You’ll arrive at the login site.
- Click the green “Create Account” button on the right.
- Fill out your protected health information (PHI). You must have a Medicare number to create an account.
- Create your personal login information: user name, password, and security questions. Press the complete button, and voila—you have a Medicare online account.
- Click the green button on the left of “Pay my premium.”
- Click the link “Set up reoccurring payments.”
- Fill out your banking information. You are done.
Your monthly 2024 Medicare Part B premium payments will be automatically deducted. With Medicare EasyPay, the SSA automatically deducts your monthly Medicare premiums from your checking or savings account. The statement includes the total SSA deductions for that month, which are itemized and broken down. Automatic deductions are generally made on the 20th of the month (or the next business day).
The Medicare Part B premium payment does not include any other payments, such as your Medicare Supplement, Medicare Advantage, or Part D premiums. Those are handled separately.
You do not need to do anything when the Part B premium increases. The withdrawal will be adjusted accordingly.
When you start your Social Security Benefits, the Part B premium will automatically switch to your Social Security check and be withdrawn, and SSA will stop deducting from your personal checking account.
No Forgiveness
Part B premium payment is critical. Over a decade with thousands of clients, I have only had a couple of clients forget to pay their Medicare Part B premium. The consequences were devastating. They lost their Medicare, resulting in penalties and lost health insurance. All medical bills came out of their pocket until they reactivated their Medicare insurance many months later. You cannot flip a switch and just turn Medicare back on. You must wait until General Medicare Enrollment Jan 1st-Mar 31st to reapply.
As more people postpone taking Social Security Benefits until well past 65, I have made it part of our enrollment meeting to help clients set up their MyMedicare.gov account to pay their Part B premium out of their checking account. Setting up Medicare EasyPay is not difficult, but when I do it for them, I know it is done and done correctly. There is nothing worse than a distressed phone call from a client who has lost Medicare.
Bottom Line: Don’t Miss Your Monthly Medicare Payment for 2024
Medicare insurance has many moving parts, and mistakes are unforgiven. At Omaha Insurance Solutions, we have helped thousands of clients over the years, so we know all that needs to be done for a
Christopher Grimmond
successful and happy retirement with Medicare health insurance. We will help you set up your 2024 Medicare Part B premium payments if you like. Give us a call at 402-614-3389 to speak with a professional and experienced licensed insurance agent about your Medicare needs. We’ll make sure nothing is missed or forgotten.
