When your Medicare Part A and Medicare B starts, which is usually the month you turn 65, you will have to pay a premium every month for Medicare Part B. If you receive Social Security, Railroad Retirement Board, or Office of Personnel Management benefits, your Medicare Part B premium will be automatically deducted from your benefit payment.
If you do not receive these benefit payments, you will be billed (probably quarterly). However, there is an excellent option on Medicare.gov to set up a monthly auto bank draft if you would rather not write out a check every quarter and mail it in manually.
Most Medicare recipients will pay the standard premium amount ($134 in 2018). However, if your modified adjusted gross income as reported on your federal tax return from 2 years ago is above a certain amount, you will likely pay an Income Related Monthly Adjustment Amount (IRMAA) – which is an extra charge added to the standard premium. (see chart below)
For more information on how Florida Medicare Supplement Insurance can help with your Medicare insurance needs call Neil Primack (561) 935-3907 or email him at: firstname.lastname@example.org.