Ask Larry

How Will Social Security Pay Me The Money They Owe Me For Back Prescription Coverage?

SOCIAL SECURITY OWES ME 40 DOLLARS FOR BACK PRESCRIPTION COVERAGE. WILL IT COME IN A CHECK OR DIRECT DEPOSIT?

Hi. If you've authorized Social Security to withhold your Part D Medicare premiums from your Social Security benefit payments and if your benefits are paid by direct deposit, then any premium refunds made by Social Security would also be paid by direct deposit.

Note, however, that Part D of Medicare is handled by private insurance companies. So, any Part D premiums that Social Security collects are paid to the private insurance companies that handle the person's Part D coverage. Therefore, your Part D insurance company would first need to return any excess premiums that have been collected to Social Security before Social Security could make a refund to you.

Best, Jerry

Category: 
Posted: 
Nov 20 2021 - 12:37pm
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.