As a Medicare beneficiary, you may be looking for ways to reduce the cost of your healthcare. One benefit that you may be eligible for is the Part B premium reduction, also known as the Medicare Give Back benefit. This benefit can help you save money on your monthly Medicare Part B premium, but how does it work and how can you take advantage of it?
What is the Part B premium reduction benefit?
The Part B premium reduction benefit is a program that provides eligible Medicare beneficiaries with a portion of their monthly Medicare Part B premium back each year. If you are eligible for the Medicare Give Back benefit, you can receive up to the full standard Part B premium cost back each year, which can help offset the cost of your premium.
Typically, when opting for a Medicare Advantage plan, you must continue paying the premium for Medicare Part B in addition to any premium associated with the Medicare Advantage plan. As of 2023, approximately two-thirds of all Advantage plans come with $0 premiums, meaning their participants only need to cover the Medicare Part B premium.
However, certain plans take an extra step by providing “giveback” rebates to offset a portion of their members’ Medicare Part B premiums. This perk is also known as a Medicare “Part B premium reduction.” While not all Advantage plans extend this rebate, its popularity has grown in recent years. Medicare Advantage plans that do offer this benefit increasingly highlight it as a distinctive feature in their marketing efforts.
How do I receive the Give Back benefit?
To receive the Medicare Give Back benefit, you must be enrolled in a Medicare Advantage plan that offers the benefit. Not all plans offer the benefit, so it’s important to review plan details carefully to determine if this benefit is included. Once enrolled in an eligible plan, the benefit will be automatically applied and you will receive a credit on your monthly premium statement.
The majority of Medicare beneficiaries have their Medicare Part B costs automatically deducted from their Social Security checks. Those beneficiaries who do not receive Social Security retirement benefits receive a direct invoice for the net amount of their Medicare Part B premiums.
How to find plans that offer the Give Back benefit
You can ask your licensed insurance agent or find plans offering the Medicare Give Back benefit with a Medicare plan finder tool like CoverRight. CoverRight’s online platform allows you to easily search for plans based on your location and individual health needs, and provides information on each plan’s benefits, including whether or not the plan offers the Part B premium reduction benefit. You can also contact individual insurance companies directly to ask if they offer plans that include the benefit.
Things to consider before choosing a Medicare Advantage plan
While the Medicare Give Back benefit can help you save money on healthcare costs, it’s important to carefully review plan details before enrolling. Consider factors such as the plan’s monthly premium, deductible, and co-payments to ensure that it fits within your budget. You should also review the plan’s network of healthcare providers, prescription drug coverage, and any additional benefits that are important to you, such as dental or vision coverage.
Be sure to consider the following aspects when making a plan selection:
- How will the plan handle your prescription drugs?
- Which doctors and hospitals will be in your network?
- What will your total out-of-pocket costs be?
- Are there any additional benefits that will have a meaningful impact on your health, such as dental services or gym memberships?
- How well rated is the plan?
Remember: To receive the benefit, you must be enrolled in a plan that offers the benefit, which can be found by contacting CoverRight. Before choosing a plan, it’s important to carefully review the plan’s benefits and costs to ensure that it meets your individual health needs and budget. With the right plan and the Medicare Give Back benefit, you can enjoy more affordable healthcare and peace of mind.
Frequently Asked Questions
Can you really get $148 back from Medicare?
Yes, if you are enrolled in a plan that offers the Medicare Give Back benefit and you meet the eligibility requirements, you can receive up to $148 back each year. However, it’s important to remember that the amount you receive may vary depending on the specific plan you choose.
Can I get the premium reduction as cash?
No, the Medicare Give Back benefit can not be taken in cash. It is automatically deducted from your social security deductions and/or Medicare Part B bill.
Can I get the premium reduction even if I am on Medicaid?
Only Medicare beneficiaries who pay their Medicare premiums themselves can receive a Medicare Give Back benefit. People who have their premiums covered by Medicaid cannot enroll in a Give Back plan.
Am I eligible for the Part B Premium Reduction even if I have a Late Enrollment Penalty or Income-Related Monthly Adjustment Amount (IRMAA)?