Medicare Part B Give Back Benefit

The Medicare Part B give back is a benefit specific to some Medicare Advantage plans. This benefit covers up to the entire Medicare Part B premium amount for the policyholder.

The give back benefit can be a great way for beneficiaries to save, as the premium is deducted from their Social Security checks each month. However, not all Advantage plans offer this benefit.

Plan availability depends on your location as these plans are not available in every ZIP Code. Additionally, you’ll first want to know if a Medicare Advantage plan will provide the best coverage for your needs.

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However, the feature functions the same across plans. No matter what you call it, the give back benefit, or Medicare Part B Premium Reduction is put in place to save policyholders money on their health care costs.

In the summary of benefits or evidence of coverage, you’ll see a section that says Part B premium buy-down. In this section, you can see how much of a reduction you receive from your plan. However, if you are not able to locate this, call the customer service number on the back of your card or contact your licensed agent to receive assistance in understanding the give back you will be receiving.

It is important to review all Advantage plans and carriers available in your area to maximize your chances of finding a give back plan to enroll in.

Additionally, you must live within the service area of a plan that offers a premium reduction plan. Currently, there are 48 states in the U.S. that offer this benefit.

Keep in mind, give back plans work directly with Social Security, so, no direct payments are sent to you by the carrier.

The amount you get back will depend on the options available in your area. In some cases, policies of the same name will have different premium give back amounts depending on the county. Hence, it is important to understand your Medicare Advantage plan entirely before enrolling.

FAQs

How to Get a Medicare Part B Give Back Plan

It’s important to compare Medicare Advantage and Medigap plans before enrolling in either option. Many beneficiaries are unaware of the many limitations that come with Medicare Advantage plans, so a Medicare Part B premium reduction may not be worth the additional cost-sharing for some. It is essential to fully understand your policy limitations before deciding on a plan.

If you want to keep Original Medicare but wish to save money on monthly premiums, you should consider the High Deductible Plan G or High Deductible Plan F Medigap options. Another comprehensive yet affordable Medigap option is Plan N.

Whichever route you decide to go, speaking with a licensed agent is always helpful when comparing benefits. To see what Medicare Advantage options are available in your area, enter your ZIP Code in this portal.