Part B insurance pymt...direct vs Soc Sec adj ?

[Momcpa]

I have been paying my Part B insurance premium quarterly by check directly to Medicare/Soc Security. I have since elected to start taking Social Security effective this month (June). I will receive my first payment mid-July. They sent me the calculation for my benefit. It is the amount due me, LESS my Part B insurance.

Since my insurance is actually paid thru the end of August, at what point will they adjust for the "overwithheld" Part B deductions for these 3 months?

Guess I could call one of their offices or stop in and ask. Just thought someone here might have experience with this. Thanks.

 

[W2R]

I have been paying my Part B insurance premium quarterly by check directly to Medicare/Soc Security. I have since elected to start taking Social Security effective this month (June). I will receive my first payment mid-July. They sent me the calculation for my benefit. It is the amount due me, LESS my Part B insurance.

Since my insurance is actually paid thru the end of August, at what point will they adjust for the "overwithheld" Part B deductions for these 3 months?

Guess I could call one of their offices or stop in and ask. Just thought someone here might have experience with this. Thanks.

For me, it all got straightened out in the third month of SS payments, which began when I turned 66. I paid Part B by check every month. I paid it as usual the first month because I did not know what to do - - so they then refunded me by sending a refund later on.

I just found the amounts and dates:

First month's deposit on 7/11/2014, the exact Social Security amount minus Medicare, and then less fifty cents for some reason. After seeing this, I didn't send in any more checks for Medicare because I could see that they were taking it out of SS as planned.

Second month's deposit on 8/13/2014, the exact Social Security amount minus Medicare.

Third month I got two deposits. One was the same amount as the second month, and this was deposited on 9/10/2014. The second was on 9/11/2014, and this one was for the exact amount of one month of Medicare (the first month, which I had paid twice since I paid by check).

 

[audreyh1]

Oh - gosh! Hadn't even thought about that transition! But anyone taking Medicare before SS will have to deal with it.

 

[Golden sunsets]

I had a similar experience to W2R....had been paying quarterly...turned 66 and started SS under spousal which accounted for Medicare B....received an extra deposit to reimburse for prepaid Medicare B soon after.


Sent from my iPad using Early Retirement Forum

 

[Chuckanut]

IIRC, a few months after I started SS, I got an extra deposit made to my checking account that refunded me the money I had overpaid with my last check for Medicare.

 

[Momcpa]

Answering my own question that I posted a few months ago.........I have received two months of Soc Security direct deposit. This will be my third month. Today I received an actual paper check to reimburse me for 2 months of over-payment of my part B insurance. So when I receive my Soc Sec direct deposit this month, less the Pt B premium, I will be "even" for the premium payments for the insurance.

Just thought I'd add this update to the initial post for anyone wondering how this all works out.

 

[W2R]

Answering my own question that I posted a few months ago.........I have received two months of Soc Security direct deposit. This will be my third month. Today I received an actual paper check to reimburse me for 2 months of over-payment of my part B insurance. So when I receive my Soc Sec direct deposit this month, less the Pt B premium, I will be "even" for the premium payments for the insurance.

Just thought I'd add this update to the initial post for anyone wondering how this all works out.

So glad to hear what happened, and that it all worked out for you.

 

[Gotadimple]

Oh - gosh! Hadn't even thought about that transition! But anyone taking Medicare before SS will have to deal with it.

True, but they make it easy. If you apply for Medicare before SS you set up the payment option at that time. When you apply for Social Security they take care of refunding any excess premiums. No one to call, no follow up needed - unless you want to.


- Rita

 

[travelover]

True, but they make it easy. If you apply for Medicare before SS you set up the payment option at that time. When you apply for Social Security they take care of refunding any excess premiums. No one to call, no follow up needed - unless you want to.


- Rita

Exactly what happened for me - a refund showed up in my bank account to square the transition.

 

[BOBOT]

I actually received the premium rebate before the first SS payment. But they withheld federal tax from the rebate because I opted to have withholding from the regular payments. Took a while to figure that out....

 

[audreyh1]

True, but they make it easy. If you apply for Medicare before SS you set up the payment option at that time. When you apply for Social Security they take care of refunding any excess premiums. No one to call, no follow up needed - unless you want to.


- Rita

Good to know. Works for me!!