The Part B Premium Reduction
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Medicare Part B Premium Giveback, also called Part B Premium Reduction, is offered through Medicare Advantage (Part C) plans that provide you with some or the entirety of your Medicare Part B premium.
Medicare Advantage plans are offered by select private insurance companies approved by Medicare that include Original Medicare (Part A and Part B) benefits plus other benefits including dental, hearing, vision, and more. Since Medicare Advantage plans include Original Medicare benefits, you continue to need to pay your Part B premium as well as a Medicare Advantage premium if any. For 2021, the quality monthly Part B premium cost is $148.50. If you enroll in a Medicare Advantage plan with Part B Premium Giveback the plan will offer you back a little or all of your monthly Part B premium
To be eligible for Medicare Part B Premium Giveback, you must:
Once you’re enrolled in a Medicare Advantage plan with Part B Premium Giveback you shall receive the “giveback” amount every month in your Social Security check. The dollar amount you receive depends on the specifics of the plan you’re enrolled in. Giveback amounts can range from as low as $10 to the whole amount of your monthly premium.
For example, let’s say you enrolled yourself in an MA plan with a Part B Premium Giveback of $80 and your monthly Social Security checks amount to $1500. Once your “giveback” amount kicks in, you can expect to receive Social Security checks every month with a brand new total of $1580.
Keep in mind, it can take a few months after your insurance plan starts to receive your “giveback” amount. Rest assured, the first deposit will include back pay for the months missed since your plan began.
Although Medicare Advantage plans with Part B Giveback are gaining in popularity and usage, they are not available yet in every area and are limited in the areas they are available in. If you are looking for a Part B Giveback plan near your location, it’s ideal to work with a licensed independent insurance agent to discuss your options. An independent agent can help you determine which plan is best for you based on your unique health and financial requirements.
While the Part B Premium Reduction is tempting for those looking for budget-friendly health plans, it is crucial to solely base your decision on that benefit. Always consider your health requirements as a first step. Medicare Advantage plans require cost-sharing like copays and coinsurance until your plan’s annual deductible has been met. Additionally, Medicare Advantage plans are also network plans. This means they require you to use doctors and hospitals within their network. They may charge you more if you use a service outside of the network. Before choosing a Medicare health plan, compare all available options to ensure you are receiving the best coverage for your specific needs.
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