Did you know that 18.4% of United States citizens use Medicare? Despite the popularity of this program, many users are unfamiliar with many of the features that come with Medicare.
This can make it challenging to keep up with the many different bills and due dates that come with each of them. However, the good news is that it doesn’t need to be complicated.
This is thanks to Medicare Easy Pay. But what exactly is this feature? And how do you use it? If you want to learn the answer to this question, and more then you’re in the right place.
In this article, we’ll teach you everything you need to know about Medicare Easy Pay. Let’s get started!
What is Medicare Easy Pay?
Medicare Easy Pay is a way to connect your checking or savings account to your Medicare account. Once you do this, it makes automatic, recurring payments on either your Medicare Part A or Medicare Part B premiums.
Typically, people don’t need to worry about their Medicare Part A premiums. That’s because they paid Medicare taxes for forty quarters of their working life. As such, they get premium-free Part A coverage.
However, they do need to access the online payment system to pay for their Medicare Part B premiums. Instead of worrying about whether or not you paid your bill, Medicare Easy Pay takes the stress out by making automatic payments for you.
Who is Eligible for Medicare Easy Pay?
The short answer? Everyone is allowed to use Medicare Easy Pay. As long as you make out-of-pocket payments on either your Medicare Part A or Medicare Part B premiums, then you’re eligible.
The only caveat is if you’re behind on payments that you owe. If you fall in this category, then you’ll need another way to pay before you can start using Easy Pay.
How Do You Set Up Medicare Easy Pay?
Now that we know more about Medicare Easy Pay, let’s take a look at how to use it. The first thing you need to do is set it all up. The easiest way to do this is to print out the Authorization Agreement for Preauthorized Payments form (SF-5510) and fill it out.
This is the form that gives Medicare permission to automatically deduct payments. But, what should you do if you don’t have access to the internet or a printer? Simply call 1-800-633-4227 and ask one of the Medicare representatives to send you the form.
The SF-5510 form will ask you some basic information about your demographic group. Make sure that you print your name exactly as it appears on your Medicare insurance card. It will also ask for information about your bank account and routing information.
If you’re linking a checking account, then the form will require you to send in a blank check as well.
Once you finish the form, then you can mail it to the following address: Medicare Premium Collection Center, PO Box 790355, St. Louis, MO 63179-0355. Now, all you need to do is sit and wait. Eventually, a form will come informing you that you’re all set up.
How Do You Use It Once You’re All Signed Up?
Once you send in your form, you’ll need to do some waiting. Typically it takes between six to eight weeks for Medicare to process your form. Until it’s processed you will need to continue making payments using the traditional online method.
Eventually, you’ll receive a form in the mail that looks kind of like a bill. However, it should be marked in the corner as “NOT A BILL”. This form informs you that you’re now enrolled in Medicare Easy Pay.
You should notice an automatic deduction from your accounts on the 20th of every month. If the payment doesn’t go through, then you’ll receive a letter in the mail from Medicare informing you that you need to use a different payment method.
Benefits of Medicare Easy Pay
There are a lot of benefits that come with Medicare Easy Pay. For one thing, it saves you a lot of time. No more time wasted going online every month or traveling to the post office to send a check.
You also never need to worry about missing a payment. This can be a source of anxiety for a lot of people. Finally, online payments mean there are no lapses in your coverage.
The last thing you want is to get sick or hurt when you haven’t made a premium payment. With Medicare Easy Pay you never have to worry about this.
What to Do If the Services You Need Aren’t Available Through Medicare
Medicare is a great health insurance option for many people. However, there are some blind spots in the program. Notably, the fact that personal care, nursing home care, and other types of long-term care aren’t covered by Medicare.
This can be a major problem if you’re elderly or disabled. The good news is that you can get these services through Medicaid, or a combination of Medicare and Medicaid.
However, you will likely need the help of an attorney to qualify. Make sure you visit this long term care planning guide if you want to learn more about getting access to these services.
Want More Content? Keep Reading
We hope this article helped you learn how to use Medicare Easy Pay. As you can see, using this feature is pretty straightforward. It doesn’t require much effort to set up, and, once it’s in place, it makes keeping up with your premium payments.
So, what are you waiting for? Start using Medicare Easy Pay to make your life less stressful. Did you enjoy this article? If the answer is yes, then you’re in the right place. Keep exploring to find more topics that you’re sure to love.