In order to keep your Medicare insurance coverage, you have to pay premiums. However, paying premiums can be easier said than done – especially if you find yourself in a sudden hardship. Here’s what you should know about keeping up with your premiums and what can happen if you miss one.
What Can I Do To Prevent Missing A Payment?
If you have multiple bills to pay, it can be easy to forget and unintentionally miss a payment. Thankfully, Medicare has a way to prevent forgetfulness from becoming an issue. At any time, you can make an arrangement so that Medicare will automatically take payments from your debit or credit card. This is the fastest and easiest way to pay premiums – no need to set up a reminder or include it on a to-do list.
You can make a similar arrangement with Social Security. If you begin receiving income through Social Security, you can set Medicare premiums to be deducted from your Social Security checks.
What Happens If I Miss A Payment?
After you miss a premium payment, Medicare will send you a written delinquency notice form. In it, you will be alerted of your premium’s unpaid status, and you will be given a date by which you need to pay the outstanding balance. If you fail to pay the balance by that date, you will lose your coverage.
If you miss a payment for Medicare Advantage, you will be given a grace period of at least two months (the exact length of time varies by insurer). Instead of losing all coverage, you will automatically be placed on Original Medicare (Part A and Part B).
The consequences for missing a payment vary for Medicare Part D, much like what happens with Medicare Advantage. And just like Medicare Advantage, you will have a grace period of at least two months where you’ll be able to pay the outstanding balance without facing policy termination.
If I Lose My Medicare Coverage, Will I Be Able To Get It Back?
If you are disenrolled, you will have to wait until the next enrollment period, just as you would if you had never signed up for Medicare before. If you lost your Original Medicare (Part A and Part B) plan, you will need to enroll during the General Enrollment Period, which takes place from January 1 to March 31.
If you were enrolled in Original Medicare as a result of losing your Medicare Advantage policy, you can join Medicare Advantage again during the Annual Enrollment Period, which lasts from October 15 to December 7. This is also a time when you can enroll in another Part D plan if you lose your drug coverage.
Get Affordable Coverage Today
At Medicare With Jake, we make learning about Medicare simple. When you contact us, we will give you guidance in choosing a plan that works for your needs and fits your budget. To find out more, give us a call today at (833) NOW-JAKE.
