What is the Medicare Part B Premium Coverage Giveback?
While watching television or listening to the radio, you might trip over an enchanting advertisement that claimed something like, “If you are 65 years or older and registered in Medicare, you may be qualified to get approximately $148 every month” Sounds terrific, right. So, how can you save extra money? We are going to discuss it in detail. Read on to learn what those commercials are talking about and how you can take advantage of the Medicare Part B Premium Giveback program.
What is Part B Premium Giveback?
The Medicare Part B Premium Giveback also referred to as Part B Insurance Premium Reduction, is a unique program offered by Medicare Advantage (Part C) plans to reimburse some or all of your Medicare Part B premiums.
MA plans are provided by Medicare-approved private insurance companies, including Original Medicare (Part A & B) benefits, plus additional benefits such as dental, visual, hearing, and others. Since MA (Medicare Advantage) plans include Original Medicare benefits, you still need to pay Part B premium costs in addition to your Medicare Advantage premium, if applicable. For 2021, the cost of the standard monthly Part B premium is about $ 148.50. Furthermore, if you register in the Medicare Advantage plan that reimburses your Part B premiums, the program will pay you back some or all of your monthly Part B premiums.
Eligibility for Part B Premium Giveback
To receive Medicare Part B Premium Giveback, you should:
- Live as a member in the plan’s service area
- Be enlisted in Original Medicare Premium Coverage
- Not receiving financial aid from Medicaid or the Medicare Savings Program
How does it work?
After you enroll in a Medicare Advantage Plan with a Part B premium, you will receive a monthly “payback” amount on your Social Security check. The amount you receive depends on the details of the program you subscribed to. Reimbursement amounts can range from as little as $ 10 to your total monthly premium coverage.
To illustrate, suppose you signed up for a Medicare Advantage Plan with Part B premium giveback of $80 and monthly Social Security checks are about $1,500. Once your giveback amount begins, you will receive a Social Security check each month for a new total of $ 1,580. Remember, it may take a couple of months after your insurance plan begins to receive your “giveback” amount. The first deposit will cover the payback amount for months missed since your Medicare Advantage Plan started.
Getting a Plan with New Medicare Part B Premium Giveback
While MA (Medicare Advantage) plans with Part B premium Giveback are gaining popularity, they are not available in all regions and are limited to the areas where they are available. If you are shopping around for a Part B Giveback plan, it’s good to work with the authorized independent insurance agent and discuss your options. Furthermore, your independent representative can help you decide which program is suitable for you based on your specific medical and financial needs.
The Final Takeaway
Although Medicare Part B Premium Giveback plan appeals to people looking for affordable health plans, it is essential not to base your choice solely on the benefit. Additionally, try to consider your health and wellness requirements first. The Medicare Advantage plans still need cost-sharing like coinsurance and copays until your plan’s yearly deductible has been satisfied. More so, Medicare Advantage plans are interconnected plans, which means they require you to visit doctors and hospitals in their network and may charge additional fees if you use out-of-network services. Before choosing a Medicare health plan, make sure you get the finest insurance coverage for your needs.