Medicare Explained: What is Medicare Easy Pay? How to Sign Up?

Medicare Easy pay is a way that Medicare recipients are able to pay their Medicare Part A (Hospital) Part B (Medical), Part C (Prescription Drug) premiums automatically monthly. Most people who are on Medicare usually have their Medicare monthly premiums automatically deduced from their Social Security Retirement checks or their Rail Road Retirement Checks. But this is not the case for everybody. There are still many Medicare beneficiaries who receive a paper bill monthly for their Medicare Premiums. For those people who normally receive their Medicare bill monthly in the mail there is something call “Easy Pay”, which allows Medicare to set up a monthly deduction from a Medicare recipients bank account to pay for Medicare: Part A, Part B and Part C. Today we are going to discuss Medicare Easy Pay, how it works, how to set it up and how it can make life easier for people who normally receive their Medicare Bills on paper and in the mail. Please don’t forget to like and subscribe.

What is Medicare Easy Pay and what can it pay for:
• Medicare Easy Pay is a way for Medicare Recipients
• For recipients whose Medicare Premiums are not auto deducted from Social security check
– Somebody not yet started taking social security check @ age 65
– Somebody not eligible for Social security check but are eligible for Medicare
– Somebody who is still working and not retired yet
• Easy Pay Can be used to pay for
– Medicare Part A for Hospitalization
– Medicare Part B for Medical services
– Medicare Part D premium
• Cannot pay for
– Medicare Advantage Plans
– Medicare Supplements / Medi-gap Plans
– Bills for medical services

How to sign up
• Medicare Autopay through “Easy Pay” is easy to set up
• Does not require a computer
• First a person must fill out Form F-5510
– This form authorizes Medicare to deduct monthly Medicare premiums from your bank account for part A, B, or D
• In order to enroll into Easy Pay, you will need to attach a blank, voided, check to the form

What happens after signing up for Easy Pay
• Once you submit your form it can take up to 6 to 8 weeks to process
• Especially right now because lockdown has everything moving slow
• Once your form is processed you will begin receiving Medicare Premium bills
• These bills will say “THIS IS NOT A BILL” in upper right-hand corning
• This notifies you that your automatic deductions should be beginning
• Until you receive the “THIS IS NOT A BILL” bill, then you must continue to pay Medicare in another way.
• Medicare does not charge a fee for this service
• Will deduct premiums from your bank account on or around 20th of every month
• The memo for the bank account deduction will say “CMS Medicare Premiums”
• Initial Medicare premium deduction can be up to 3 months of premiums
• For 2020 = $144.60 a month x 3 months = $433.80
• Medicare Easy Pay will only try to take your Medicare premiums once each month
• If the payment gets rejected you will get a letter to pay your premiums another way

Thank you so much for watching, if you have questions about your Medicare or Medicare health plan options please feel free to contact us and we can make a new post or video to cover your questions. We here at California know health insurance weather it is private health insurance, Medicare, Medicaid / Medi-Cal, MediGap or health insurance for your small business. It can be very confusing coming from your work insurance and trying to look at options on the private market or turning 65 and trying to figure out which Medicare option is best for you. That is exactly what we can do, we can walk you through your options and help you find the plans that fits your needs and your budget.

Resources:

Address to send Medicare Easy Pay form: Send form to : Centers for Medicare & Medicaid Services Medicare Premium Collection Center P.O. Box 979098 St. Louis, MO 63197-9000