What is a Part B Giveback?
The Part B Giveback– also referred to as the Part B premium reduction– is a benefit provided by certain Medicare Advantage plans that “gives back” some of the Part B premium by reducing the amount deducted every month from your social security check. The amount reduced from the Part B premium ranges from less than $1 to the full amount of the Part B premium. There are a lot of things to consider when looking at different Medicare options, so it is always best to thoroughly review the needs of yourself or your client and make sure to tailor a solution that will work to solve the problem.
How much do I receive from the Part B Giveback?
The Part B giveback allows you to pay a reduced amount on your Part B Premium and it is important to know that you are not technically reimbursed, but rather, paying a reduced amount. When considering or enrolling into a plan that offers a Part B Giveback, you will see the amount of the benefit in the Summary of Benefits (SOB) or Evidence of Coverage (EOC) that outlines the amount you will save. For instance, if you pay the standard Part B premium of $170.10 and have a Part B Giveback of $79, you would only see a deduction of $91.10. Cha-ching!
Who is eligible for the Part B Giveback?
The Part B Giveback is a benefit that is only for members of a Medicare Advantage plan. It is also important to note that this is not a benefit of all Medicare Advantage plans and you will have to be in an area that offers a Medicare Advantage plan with this benefit. If you have original Medicare with a supplement plan you will not be eligible for this type of benefit. You should also take into account that this benefit only participates with social security, and there are payments made directly from the carrier to the beneficiary. You should always thoroughly research the plan and plan benefits to determine if this will be a solution that works.
You may be eligible for a Part B giveback if you
· Are enrolled in Part A and Part B
· Are not on any other state or federal assistance program that reduces your Part B premium
· Live in an area that offers a Medicare Advantage Plan with this benefit
Always remember that a Part B Giveback, as great as it might sound, is not the best option for everyone on Medicare Advantage. You must consider the benefits and copayments when looking at your options as you consider a Medicare Advantage plan with this benefit.
We hope that this information on Part B Givebacks is useful to you.
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Jose has been a career agent working with Empower Brokerage since 2021 helping clients from all walks of life find tailored solutions for their healthcare needs.