Here are answers to the most common questions regarding the Premium billing for your Prescription Drug Plan.
You signed up for bank account deduction - but you received an invoice bill anyway.
Unfortunately it is somewhat common for the prescription drug plan company to not set up the banking information even if you provided it at time of application. The company will most generally issue a coupon book and ask that you mail in payments manually. We realize this is frustrating. On top of that Medicare has a rule that doesn’t allow you to change the payment method on prescription drug plans until the following plan year. If you can, we recommend you simply send in one check for the full annual premium. Remember plan years are based upon the calendar year - so if you have 6 months left in the year you’ll only need to mail in a check for 6 months - not 12.
When will the first premium be deducted from my bank account?
Most companies will draft your premium between the 5th-10th day of each month. Sometimes there is a month or two lag if you just signed up for the plan. If that is the case (and you have received your cards) you do not need to do anything, they will simply deduct the back premium when it gets set up.
You need to change your banking method:
To change which checking or savings account your insurance premiums are being deducted from, find your prescription drug plan insurance card and call the customer service 800 number The customer service team at the insurance company will take your new bank account information directly over the phone.
You aren’t sure how you signed up to pay the premium - or - you want to switch your payment method.
The three options generally listed are EFT from a checking account, coupon book/direct billing, and Social Security check deduction. Unfortunately if your plan is already in effect, you are not able to change the payment method until the following plan year.
If you have a question about a premium billing need that hasn’t been answered by this article - please contact us.