Medicare Part B covers important services like doctor visits, preventive care, and durable medical equipment. While most people pay a standard monthly premium for Part B, some Medicare beneficiaries can take advantage of a “Giveback Benefit” that refunds all or part of their premium. This article explains how the Part B Giveback Benefit works and how you may be able to reduce your premium costs.
Understanding Full Part B Premium
First, let’s review the basics of Medicare Part B coverage and premiums:
What is Medicare Part B?
Medicare Part B is medical insurance that covers medically necessary services like doctor appointments, preventive care, lab tests, durable medical equipment, and ambulance transport. Most people pay the standard Part B premium each month.
How does Part B premium work?
The standard Medicare Part B premium for 2023 is $164.90 per month. This premium is typically deducted from your Social Security benefits. People with higher incomes pay more for Part B based on their income brackets.
Part B premium reduction
Some Medicare beneficiaries qualify for programs that help with Part B costs like Medicare Savings Programs or Extra Help. These programs may cover all or part of your monthly Part B premium to reduce your costs.
Exploring the Medicare Giveback Benefit
The Part B Giveback Benefit provides another potential way to lower your premium expenses.
What is the giveback benefit?
The Medicare Part B Giveback Benefit returns all or part of your monthly Part B premium directly to you. Certain Medicare Advantage and Part D prescription plans offer this benefit to reduce the cost of your coverage.
How does the Medicare give back benefit work?
With this benefit, your plan refunds to you usually $20 to $100 of your Part B premium each month. The giveback is typically provided via direct deposit or a prepaid debit card.
Plans that offer the Medicare giveback benefit
Many Medicare Advantage Prescription Drug (MAPD) plans now offer the Part B Giveback Benefit. You must enroll in one of these specific plans to receive the giveback.
Applying for Part B Medicare Give back Benefit
If you want to enroll in a Medicare Plan offering the giveback, here are some steps:
How to find a Medicare Plan in your area
Use the Medicare Plan Finder tool on Medicare.gov to compare plans in your state. Filter search results to see which plans offer the Part B Giveback Benefit.
Applying for the giveback benefit
When you find a plan you like with the giveback, you can enroll online, by paper application, or by calling the plan. Make sure to choose the giveback plan option.
Qualifications for the giveback benefit
To qualify for the Part B premium refund, you must enroll in and maintain coverage under a plan offering this benefit. The refunded amount may vary based on the plan.
Important Considerations
Before enrolling in a Giveback Benefit plan, understand how it may impact your Social Security and premium deductions:
Social security and the giveback benefit
Your Social Security benefits are normally reduced each month to pay your Part B premium.
How does the giveback benefit affect your social security check?
With the giveback benefit, your Social Security check will still show the Part B deduction. But then your Medicare Advantage Plan refunds part of the premium back to you separately.
Companies that offer Medicare Part B giveback benefit
Many major insurers like Humana, Aetna, and UnitedHealthcare now offer MAPD plans with the Part B Giveback Benefit. Compare plans each year during open enrollment.
The Giveback Benefit allows people on a fixed income to lower their health care costs by receiving back part of their expensive Medicare Part B monthly premium. Just make sure to enroll in a participating Medicare Advantage or Part D Plan to take advantage of this special benefit. Discuss your options with a broker.
Conclusion
The Medicare Part B Giveback Benefit offers an innovative way for some beneficiaries to reduce their Part B premium expenses. By enrolling in certain Medicare Advantage or Part D Plans that refund a portion of the premium, you can potentially save hundreds of dollars each year. If you have limited income, be sure to explore the plans in your area that offer this benefit. Just make sure to understand the impacts on your Social Security deduction and coordinate timing of your enrollment.
We’re Here to Help
You do not have to spend hours reading articles on the internet to get answers to your Medicare questions. Give Scott Sims at Sims Insurance Medicare Plans a Call at (541) 915-0939. You will get the answers you seek in a matter of minutes, with no pressure and no sales pitch. We are truly here to help.
FAQs
What is the Medicare Part B giveback benefit?
The Medicare Part B giveback benefit is a program that provides a reduction in the premium amount that beneficiaries need to pay for their Part B coverage.
How does the giveback benefit work?
The giveback benefit is offered by certain Medicare Advantage Plans. These plans negotiate with the Centers for Medicare and Medicaid Services (CMS) to receive a portion of the Medicare Part B premium reduction as part of their benefits package.
Which plans offer the giveback benefit?
Medicare Advantage Plans are the ones that offer the giveback benefit. Not all plans provide this benefit, so it’s important to compare different plan options to find the one that suits your needs.
Can I still get the giveback benefit if I have Original Medicare?
No, the giveback benefit is only available to those enrolled in a Medicare Advantage Plan that offers this benefit. It is not applicable to Original Medicare beneficiaries.
Do all Medicare Advantage Plans offer a premium reduction?
No, not all Medicare Advantage Plans offer a premium reduction. Only certain plans include this benefit as part of their coverage. It’s essential to review each plan’s details to determine if a premium reduction is offered.
How can I find out if a plan in my area offers the giveback benefit?
You can use your zip code to search for available Medicare Advantage Plans in your area. The plan information will specify whether it includes the giveback benefit or not.
What is the difference between a premium reduction and a giveback benefit?
In the context of Medicare Part B, a premium reduction refers to a decreased amount that the beneficiary needs to pay for their coverage. The giveback benefit is a specific type of premium reduction that some Medicare Advantage Plans offer.
Can I get a giveback benefit if I am eligible for Medicare but not enrolled in a plan?
No, to receive the giveback benefit, you must be enrolled in a Medicare Advantage Plan that offers this benefit. It is not available to individuals who are not enrolled in a plan.
How can I compare Medicare Advantage Plans to find the one with a giveback benefit?
You can work with licensed Medicare agents or use online resources to compare different Medicare Advantage Plans. Look for plan details that specify if they offer a premium reduction or a giveback benefit.
Is the giveback benefit the same as the Medicare Part B premium reduction plan?
Yes, the giveback benefit and the Medicare Part B premium reduction plan refer to the same program. It’s a way for certain Medicare Advantage Plans to reduce the premium amount required for Part B coverage.
