How Should I Pay My Medicare Premiums While My Benefits Are In Suspense?

Category: 
Nov 30 2016 - 12:30pm

Thank you for your reply to my question of 29 Nov 2016, regarding suspending social security at fra in order to recieve drc. My understanding (from other's questions and your answers) is that I will need to send 3 months of Medicare premiums in. That I will be held harmless for the 2017 Medicare premium increase to $134.00, with my 2017 premium being the $104.90 plus the .3 percent cola based on my 2016 diability benefit amount. That Medicare is unlikely to accept an amount that is less than the full amount due. Would it be best to estimate my premium and adjust upwards and then have Medicare refund any overpayment, or is there sufficient time from when we will be informed of our actual 2017 premiums and benefit amounts to send payment. I will be notifying Soc Sec in Dec to suspend with my Jan 2017 benefit (Feb payment). Many Thanks

Hi,

I agree that you should be held harmless for the 2017 Part B premium increase to the extent that it exceeds your COLA, since you will have your Part B premiums withheld from your Social Security payments for November & December 2016, which will be paid in December 2016 & January 2017.

If you suspend your benefits effective with January 2017 (i.e. the payment due in February 2017), my understanding is that you will start being billed for your Part B Medicare premiums. I don't believe that you need to make any payments until you receive a billing notice, however, you should probably confirm this with Social Security when you notify them of your intent to voluntarily suspend your benefits.

Best, Jerry