Social Security and Medicare insurance programs are set up by the federal government — working together as cohesively as possible. If you are participating in both programs, your premium for Part B of your Original Medicare plan will be automatically deducted from your monthly benefits.
Part A of your Original Medicare plan (which covers hospitalization), is free for anyone who is eligible for Social Security, even if they have not claimed benefits yet. So you will have no action requirements for this part either.
If you plan to add additional coverage through an independent insurance agent, such as Medicare Advantage (Part C) or Prescription Coverage (Part D), you have the option to have those premiums deducted as well. You will have to contact your provider or broker to arrange it.
If you’re not collecting Social Security Benefits and you want to use Original Medicare Part B, there is another payment option. Medicare will begin billing you quarterly for your premium. You can pay this electronically or through regular mail.
Medicare Savings Programs (MSPs) are available to assist with co-payments and premiums for low-income individuals. These options vary by state so you will want to call your local office or go online to find out more.
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The four Medicare Savings Programs available:
- Qualified Medicare Beneficiary Program
- Specified Low Income Medicare Beneficiary Program
- Qualified Disabled and Working Individuals Program
- Qualifying Individual Program
Many people qualify for these programs and are unaware of it. If you think you may be eligible, contact your state Medicaid program to see if you qualify.