Medicare Premium Deductions and Social Security Benefits Explained - AMAC & Healthline.com
Medicare and Social Security are separate and distinct federal programs, each with a dedicated revenue stream from different parts of a combined 15.3% payroll tax levied on workers and employers. But Medicare recipients also pay premiums. This very comprehensive piece by Healthline.com explains the link between the two programs and how premiums can be paid. The main takeaways are these: Medicare Part A (hospital insurance) is premium free for most; Part B premiums are normally taken out of your Social Security benefits; you can set up Part C and Part D premiums to be deducted from your benefits or pay Medicare online or by mail if your premiums aren’t automatically deducted. For a deeper dive into these two programs, click here.