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Question #3: How much do Medicare cost?




For Part A coverage, you don't usually pay a monthly premium if you or your spouse paid Medicare taxed while working for a certain amount of time. This is a premium-free Part A. If you are not eligible, then you will need to buy Part A.

In most cases, if you choose to buy Part A, you must also have part B and pay monthly premiums for both. But you can still buy Part B even if you choose not to take Part A.

People who have to buy Part A will pay up $458 every month in 2020.


 PART A LATE ENROLLMENT PENALTY

If you aren't eligible for premium-free Part A and you don't buy it when you're first eligible, your monthly premium may go up to 10%. You'll have to pay higher premiums for twice the several years you could have had Part A but didn't sign up.

For example, You were eligible for Part A for 2 years but didn't sign up, you'll have to pay a 10% higher premiums for 4 years.

Standard Part B premium amount in 2020 is $144.60. Most people pay the standard Part B premium amount. If your gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you'll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMA). IRMA is an extra charge added to your premium. (Visit  Medicare.gov/your-medicare-costs/part-b-costs or call 1-800-MEDICARE for more information.) You'll also pay an extra amount for your Part D premium (if applicable).


 PART B LATE ENROLLMENT PENALTY

If you don't sign up for Part B when you're first eligible, you may have to pay a late enrollment penalty for as long as you have Part B.  Your monthly may go up 10% for each full 12 months in the period that you would've had Part B, but didn't sign up for it. However, if you're allowed to sign up for Part B during a Special Enrollment Period, you usually don't pay a late enrollment penalty.

How can I pay my Part B premium?

If you have Social Security or RRB benefits, your Medicare Part B premium will be deducted from your benefit payment.

If you're a federal retiree with an annuity from OPM and not entitled to RRB or SSA benefits, you may ask to have your Part B premiums deducted from your annuity.

If you don't get these benefit payments, you'll get a bill. If you choose to buy Medicare Part A, you'll always get a bill for your premium. 


There are 4 ways to pay these bills:

1. Pay by check or money order
2. Pay by credit/debit card.
3. Sign up for Medicare Easy Pay.
4. Use your financial institution's online bill payment service.

Note to RRB Annuitants: If you get a bill from RRB, mail your premium payments to:

RRB Medicare Premium Payments
P.O Box 979024
St. Louis, MO 63197-9000

For more information about your premiums, you can always call 1-800-MEDICARE, TTY users can call 1-877-486-2048, or visit Medicare.gov. 

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