If you are on Medicare, you may see an unexpected $90 deposit in your bank account this month. Here is what you need to know.
What Is It?
The payment is a one time Medicare Improvement Fund Premium Rebate, designed to help offset part of your Medicare Part B premium. It is expected to go out to more than 20 million people in October.
Who Qualifies
You must be enrolled in Original Medicare Part B and live in the United States.
Who Does Not Qualify
You will not receive the rebate if you are enrolled in a Medicare Advantage plan, if Medicaid pays your Medicare premiums, or if you pay IRMAA, the extra income based Medicare premium.
Do You Need to Apply?
No. If you are eligible, there is nothing to do. Most people will receive a $90 direct deposit on or around October 8, and some will get a paper check later in October.
So if $90 from the government suddenly shows up in your account, now you know why.
Questions?
Open enrollment runs October 15 through December 7. If you would like help reviewing your Medicare options, call The Eriksen Insurance Group at 224-829-8771 or visit erikseninsurance.com.