21 Nov Is Medicare Part B changing how monthly premiums work?
Q. My Medicare Part B premium is deducted monthly along with my original Medicare Part B from my Social Security benefits. Today I signed into my Part D plan and saw a new link to “pay my premium,” but I have never received a bill to pay in all these years. Is this something that is changing?
A. Many Americans have become accustomed to having their Medicare premiums deducted directly from their Social Security checks.
It’s a convenient way to know your premiums have been paid.
There are no big changes in the mix, said Matt Rembish, a certified financial planner with JFL Total Wealth Management in Boonton.
“Part C or Part D premiums give you the option to have the premium deducted from your Social Security or pay directly to the plan provider,” Rembish said. “Contact your Part D provider to make sure that your premium is currently and will be deducted this way in the future.”
“This has always been the case and nothing has changed,” Rembish said. “You can go directly to the provider or have it deducted from Social Security.”
Let’s use this moment to quickly review Part D benefits because we’re currently in the open enrollment period, which is a great time to review your coverage.
Rembish said when you’re looking at Part D plans, you should review what drugs you take and make sure that your plan still covers them.
“Part D can change the drugs they cover year to year,” he said.
Then consider the costs. You can look at the co-pay amounts and premium changes in the Annual Notice of Change letter, he said.
Also make sure your pharmacy is in network, because your Part D plan can also change its pharmacy network, he said.
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This story was originally published on Nov. 21, 2022.
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