Yes. In fact, if you are signed up for both Social Security and Medicare Part B — the portion of Medicare that provides standard health insurance — the Social Security Administration will automatically deduct the premium from your monthly benefit.
The standard Part B premium in 2022 is $170.10 a month. The federal Centers for Medicare & Medicaid Services (CMS) announced Sept. 27 that the rate will drop to $164.90 in 2023.
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Medicare Part A, which covers hospitalization, is free for anyone who is eligible for Social Security, even if they have not claimed benefits yet.
If you are getting Medicare Part C (additional health coverage through a private insurer) or Part D (prescriptions), you have the option to have the premium deducted from your Social Security benefit or to pay the plan provider directly. If you want the deduction, you will have to contact your part C or D provider to arrange it.
Keep in mind
- If you are enrolled in Part B but not yet collecting Social Security, you’ll be billed quarterly by Medicare. You can pay electronically or by mail. The Medicare fact sheet "Pay Part A & Part B Premiums" has details on your options.
- People with low incomes and limited financial assets may qualify for Medicare Savings Programs that can help with Part B premiums. These are federally funded but run by the states. In 2022, income limits to qualify for the programs range from $1,153 to $1,549 a month for individuals and $1,546 to $2,080 a month for married couples.