The Medicare Part B give back plan, or premium reduction plan is a feature of Medicare Advantage. Yet, only some Medicare Advantage plans offer this benefit, and it isn’t available in all areas. Those with this plan may see a higher amount on their Social Security check, depending on their Part B premium payment method.
What is the Part B Premium Reduction Plan?
The Part B premium reduction plan is just like it sounds. You enroll in the policy, and the carrier pays either part or the whole premium for your outpatient coverage. In the summary of benefits or evidence of coverage, you’ll see a section that says Part B premium buy-down; this is where you can see how much of a reduction you’ll get. Although, your agent or the customer service number on the back of your card can also tell you about the coverage.
What is the Give Back Benefit in Medicare?
The give-back benefit is another term for Part B premium reduction. This is when a Medicare Advantage plan reduces the amount you pay towards your Part B monthly premium.
Are Medicare Advantage Plans with Part B Give Back Popular?
These plans are becoming more widely available and a Medicare Advantage plan with a Part B premium reduction is available in most states.
Which Companies Offer Part B Premium Reduction?
Further, there are likely more companies offering this type of policy than just the ones we’ve mentioned. Also, consider the plan ratings before you enroll.
Who is Eligible for the Part B Buy-Down Plan?
Those that pay their own Part B premium will be eligible for the Part B buy-down. But, anyone with Medicaid or other forms of assistance that could pay the Part B premium can’t enroll in these plans. The plan only participates 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 can range from $0.10 in some counties up to $148.50. Also, the amount you get back will depend on the options in your area. Further, sometimes the same plan name will have a different premium buy-down in different counties.
Will I Receive a Check for My Part B Premium Reduction?
Beneficiaries are not reimbursed. You must pay the reduced premium amount. If your Part B premium comes out of your Social Security check, the reduced amount will reflect in your monthly check.
How to Get a Medicare Part B Give Back Plan
To get a Part B premium reduction plan, you must be enrolled in Part A and Part B. You must also not be accepting government assistance that pays part of the Part B premium already. But, if you don’t qualify for a give-back plan, there are plenty of plan options on the market.
It’s important to compare Medicare Advantage & Medigap before enrolling in either option. Many beneficiaries are unaware of the many limitations that come with Advantage plans. A Part B reduction may not be worth the additional cost-sharing.
Beneficiaries on a budget should consider High Deductible Plan G or High Deductible Plan F. The premiums are more affordable than the standard versions. Another good alternative to Medicare Advantage is Medicare Supplement Plan N.
To see what Medicare Advantage options are available in your area, use this portal to enter your zip code.