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.
What is the Medicare Part B Give Back Benefit?
The Part B give back benefit helps those on Medicare lower their monthly health care spending by reducing the amount of their Medicare Part B premium. When you enroll in a Medicare Advantage plan that offers this benefit, the carrier pays either a part of or the entire premium for your outpatient coverage each month.
Is the Medicare Give Back Benefit the Same as the Medicare Part B Premium Reduction?
Part B premium reduction is another term for the give back benefit. Depending on the region where you live, you may see slightly different names for the program.
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.
Are There Any Medicare Advantage Plans With Part B Premium Reduction?
Part B premium reduction is only available through Medicare Advantage plans. The give back benefit is not part of Original Medicare. So, to be eligible for a premium reduction, you will need to be enrolled in Part C of Medicare.
Which Companies Offer Medicare Part B Premium Reduction?
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.
Who Is Eligible For The Part B Give Back Benefit?
To be eligible for a give back plan, policyholders must meet specific criteria. First, you must be enrolled in Medicare Part A and Part B and pay your own premiums. This means that if your premiums are currently being covered by a state or local program, you will not qualify.
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.
How Much Do I Get Back With a Part B Give Back Plan?
The amount you get back varies by plan. Amounts can range from $0.10 in some counties up to the full standard premium for the year.
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.
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.