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It’s the digital age. As time passes, the less you are writing checks or making phone calls to make payments. In this developing time in technology, you might be wondering if there are more efficient ways to pay your Medicare bill. Thankfully, there are. You can register for Medicare Easy Pay to quickly, and electronically, pay your Medicare bills.
What Is Medicare Easy Pay?
If you have a savings account or checking account, you can enroll in Medicare Easy Pay. This payment option is free. It automatically deducts your Medicare payments from your checking or savings account when they are due each month. You can sign up at any time, as long as you are getting your Medicare premium bills from the Centers for Medicare & Medicaid Services (CMS).
There is an exception to this program. If you do not get your bill from CMS and instead get it from the Railroad Retirement Board (RRB), you cannot participate in these payment options. You would need to mail your payments to their office in St. Louis, MO.
How Do I Sign Up for Medicare Easy Pay?
Medicare makes the sign-up process simple and easy. To sign up for Medicare Easy pay, print this form and fill out the required information. Then, mail the completed form to the Medicare Premium Collection Center. Their address is:
Medicare Premium Collection Center
PO Box 979098
St. Louis, MO 63197-9000
This form, the Authorization Agreement for Pre-authorized Payments (sometimes known as Medicare Easy Pay form SF-5510), authorizes CMS to take your monthly payments directly from your checking or savings account. It gives them the permission they need to make your monthly premium payments quick, simple, and thoughtless.
Keep in mind that this process takes some time. It can take any time between six to eight weeks to process your Authorization Agreement for Pre-authorized Payments form. During this time, if you have a payment due, you will need to pay your premium in the standard way that you would usually pay them.
Once the CMS receives your request for Easy Pay, you will receive a “Medicare Premium Bill.” It is not an actual bill but instead states that your premiums, from then on, will be taken from your checking or savings account each month.
CMS deducts the monthly payments from your account on the 20th of each month. If you are looking for the transaction on your bank statement, it will appear as a withdrawal from Automated Clearing House (ACH).
Will I Need to Do Anything After I Sign Up?
You will not have to do anything regarding your monthly premium payments after your request processes. Each month, CMS will automatically deduct your payments from your checking or savings account.
In some scenarios, you might have to make a direct payment to Medicare. For example, if CMS tries to deduct the payment from your bank account, but your bank returns or rejects the premium payment, you will still be responsible for the payment. Instead of it automatically coming out of your bank account, Medicare will notify you that your bank rejected the payment. In this notification, you will also receive instructions on how to make this direct payment to Medicare.
Additionally, if for some reason you decide to change banks, you will have to re-do the application process. Print and fill out the Authorization Agreement for Pre-authorized Payments form and mail it to the Medicare Premium Collection Center address. You will need to specify the change that you would like to make regarding your new bank account. Changing bank information will not result in a penalty, but you need to make sure you continue to pay your premiums on time by mail in the meantime so that you can keep your Medicare coverage.
We Can Help
Do you have any questions about your Medicare payments or are you wondering about any other Medicare program? Feel free to call us for more information. We can help you navigate the world of Medicare, and when you’re ready, help you sign up for a Medicare supplement plan. You can reach us at (800) 310-2550, or you can get a free quote online.