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I went on Medicare this year but am not taking Social Security yet. Have been paying the Medicare premiums quarterly, online with a credit card. I get the 1% back using the Visa card (which helps offset the medical inflation rate). I have a reminder posted and also keep a payment log. It will be several or more years before I start taking Social Security.
I have hesitated to set up Auto-pay from my bank account (monthly) but am considering it. I have read a few stories where people had hassles shutting off the auto-pay and they kept taking it out after they went on Social Security. My question is, for those of you not yet taking Social Security, which method are you using to pay your Medicare premiums? And for those who have transitioned to taking SS, did it happen without a glitch? Thank you.
I set up autopay from my checking account. *I* had control of when payments went out, and could simply turn off the payment when I started taking SS. The transition was easy - I just had to be sure when the last payment from checking needed to occur, and then turn off future payments.
I have autopay on a few bills, & when I set it up, it asked for a finish date. So if your bank has the same feature, you can set it to finish the payments on a date of your choice in the future.
Thank you both for your replies. I had forgotten to consider the difference between the "pull" and "push" auto-pay methods. I had been thinking only of having Medicare "pull" the premium out. I've never used my bank's autopay features; have only ever done manual payments where I go in and initiate it each time. More to consider. Thank you again for your replies.
As long as cash flow is not a problem I would set up in your banks system a monthly check to medicare. You can always stop it and change the amount each year. I would tend to set it up for 12 months with a note on my calendar to adjust. When the annual increase is set then set up the next year for 12 months.
As long as cash flow is not a problem I would set up in your banks system a monthly check to medicare. You can always stop it and change the amount each year. I would tend to set it up for 12 months with a note on my calendar to adjust. When the annual increase is set then set up the next year for 12 months.
Medicare sends out bills quarterly. Can banks auto-pays accommodate quarterly payments ?
For the 5 quarters I was direct billed by Medicare I either used credit card or wrote & mailed check.
Also the back of the bills state that if you want to setup a bank autopay, you have to call Medicare first.
you ask what happens after you start receiving your SS $$?
It takes the medicare premium from your SS CHECK before they deposit into your bank account,you dont have to mail them any payment,they will tell you in December how much is your medicare premium for next year
also why use your VISA to get 1%,these days some cards give you more than 1%.
One AMEX card gives you 6% for grocery,less for other purchases,BAC has a VISA which gives you more for online purchase.
Capital BAnk quick silver MC gives you $200 back when you spend $500 (one time only),other cards have similar deals but not 200 out of 500,they could give you 100 or give you mucho points you can redeem . cash .
AMEX first year membership is free ,after that it is 95 dollars,you can always cancel after one year.
That 6% cash back from AMEX is nice,who does not buy grocery,you can spend easily a few hundred a month,if you have a family,could be 1000 -2000 a month,that 6% comes to$60-$120
I went on Medicare this year but am not taking Social Security yet. Have been paying the Medicare premiums quarterly, online with a credit card. I get the 1% back using the Visa card (which helps offset the medical inflation rate). I have a reminder posted and also keep a payment log. It will be several or more years before I start taking Social Security.
I have hesitated to set up Auto-pay from my bank account (monthly) but am considering it. I have read a few stories where people had hassles shutting off the auto-pay and they kept taking it out after they went on Social Security. My question is, for those of you not yet taking Social Security, which method are you using to pay your Medicare premiums? And for those who have transitioned to taking SS, did it happen without a glitch? Thank you.
I used BillPay to send Medicare premium payments. But it wouldn't have mattered if I ran one or two payments past the date when SS was enabled, because they'd refund your overage eventually.
there is autopay with local utility companies ,but if there is not enough in your bank,would your bank slap you with NSF and a fee of 35-50 dollars?
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