Medicare Payment for 2024: How to set it up

Delay Medicare EnrollmentOver 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 Part B premium payment Medicare Payment Options for 2024

There are four ways to make your Medicare Part B premium payment for 2024.   

  1. 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.  
  2. Pay online from your checking account monthly with an EFT (electronic funds transfer).   
  3. Pay online by credit card monthly.
  4. Pay by monthly deduction from your Social Security.

The place where your Medicare payments for 2024 occur is in your 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 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 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.  

Medicare Part B late enrollment penalty 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 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

omaha Nebraska medicare insurance agent

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.    


What Our Clients Are Saying About Omaha Insurance Solutions

Ron & Terri T.

Chris and his team are absolutely amazing. He is so knowledgeable of the Medicare sign up process that we were totally impressed and would highly recommend Chris and his team to anyone. I promise you will not be disappointed.

Joe & Myra R.

What an adventure! We started getting ourselves educated about Medicare insurance coverage several years ago – a bit too early, given how things change every year! While we had a foundational knowledge of the basics, it was helpful to work with Chris to fine tune all the nuances and make sure we were enrolling in the plan that best met our needs. Fingers crossed that our retirement and future insurance needs do not present any unwelcomed “surprises”. If that’s the case, we’ll be setting up time with Chris to help us through it!

Lisa G

Thank you Christopher!
You made the whole process of choosing a Medicare supplement easy and less confusing.
I appreciate your knowledge and professionalism. You are a great asset to all of us “young at heart” clients!
I will give your name and number to my eligible Medicare friends.
Thanks again,