Medicare and Social Security
What's New in Social Security and Medicare Funding?
There are two ways that you can pay for Medicare or Medicare-related insurance premiums:
- Pay by cash or check. This can be done by mail (cash or checks usually need to be postmarked by the 5th of each month) or in-person at a designated office.
- Have the premium automatically deducted from your monthly Social Security check.
If you have not paid by the 15th of the month, you will receive a notice that your coverage will end if payment is not received within 90 days of the due date.
There are multiple out-of-pocket expenses that you may need to pay for:
- Copayment (a fixed amount you pay each time you receive medical services).
- Coinsurance (the percentage you pay of the total cost of medical services).
You may qualify for financial assistance through your state’s Medicare Savings Program if you are a:
- Qualified Medicare Beneficiary (QMB)
- Specified Low-Income Medicare Beneficiary (SLMB)
- Qualifying Individual (QI)
- Qualified Disabled & Working Individuals (QDWI)
Have additional questions? Call us at (866) 817-5270 and we’ll help you get the information that you need.