What is Medicare Easy Pay and how do you sign up?:QuickMedicareSupplement.com

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What is Medicare Easy Pay and how do you sign up?

What is Medicare Easy Pay and how do you sign up?

Medicare Easy Pay is an electronic payment alternative for recipient who is directly billed for their Medicare premiums by the Centers for Medicare & Medicaid Services (CMS). This payment selection allows beneficiaries to have their Medicare premiums automatically deducted from whichever their savings or checking account free of charge every month.

If you are directly billed for your Medicare premiums by CMS, you can sign up for the Medicare Easy Pay at whichever time. To enroll for the Medicare Easy Pay program, you must complete an Authorization Agreement for Preauthorized Payment Form. This form provides the Centers for Medicare and Medicaid Services (CMS) with the details required to set up electronic deductions (i.e., your bank account and routing number, type of account and a contact person) and allows the Medicare Premium Collection Center, also identified as Mellon bank, to take away a monthly premium from your savings or checking account.

If you sign up for Medicare Easy Pay, you will get a monthly Notice of Medicare Premium Payment Due (CMS-500) that will show the amount of the deduction. The automatic deduction will also appear on your monthly bank statement as an Automated Clearing House (ACH) transaction.

If you don't have an adequate amount of money in your account to pay the Medicare premium amount when it is outstanding, CMS will be given an insufficient funds notice from your bank. CMS will not charge you for this unprocessed transaction. However, your bank may charge you a fee for the inadequate funds transaction. After you are notified about the returned payment, you must mail your premium payment directly to the Medicare Premium Collection Center. CMS will make only one attempt to automatically subtract the premium payment from your account.

In case of any alterations in your Medicare enrollment, you do not need to submit another easy pay application. The changes in your premium amount are made automatically. If you change your bank account information or want to cancel the automatic payment deduction, you will have to to complete another Authorization Agreement for Preauthorized Payment Form representing the stop or change.

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