Got Medicare Advantage? You Might Qualify for a Medicare Giveback Benefit!

Many Americans choose to enroll in a Medicare Advantage plan, also known as Medicare Part C . These private policies, offered by numerous major insurance carriers, sometimes provide more expansive benefits—like dental, vision, and hearing aids—in addition to benefits offered by Original Medicare Parts A & B. While some of these Medicare Advantage plans have premiums and some don’t, you must continue to pay your regular Part B premium to the government.

The good news is that certain Medicare Advantage providers have implemented Part B Giveback programs in order to lessen this financial obligation. With this unique benefit, you will qualify to pay less for your Part B premium because you have chosen to enroll in an Advantage plan that offer this benefit.

Still, both Advantage plans and the Part B premium Giveback program are not for everyone, and you should always be careful to make the right decision when you have the chance to enroll in a plan with this benefit.

What Is The Part B Giveback Program?

A Medicare Advantage plan is a coverage option for those who want additional benefits and the flexibility to choose benefits that they might not have access to under traditional Medicare.

Still, even though Part C plans offer Part A & Part B coverage, you remain a participant in the Original Medicare program all the same. In fact, you must be enrolled in both Medicare Part A & Part B to continue to qualify for an Advantage plan. As a result, you still must pay for your Medicare Part B premium in addition to your Part C premium, if the plan you are on has a premium.

In 2021, the standard Medicare Part B premium is $148.50. When added to the cost of a Part C plan premium (which can vary from insurer to insurer), then paying these two costs could feel like too much of an extra cost burden for some people. That’s where the Part B Giveback program can come in handy.

If you choose a Part C plan with a Giveback benefit, then your insurer will agree to pay the Medicare system program a certain portion of your Part B premium on your behalf. Therefore, you will save more money on your premiums overall.

Most people have their Medicare Part B premium taken out of their Social Security check each month. However, even once this premium is taken out, policyholders are still responsible for paying for their Part C premium (which they might pay for with the money from their Social Security check). However, if you have a Giveback benefit, then you would be able to receive more money within your Social Security check in the first place. Your Giveback plan provider has already paid that portion of your Part B premium for you.

Suppose, for example, that your Medicare Part B premium deduction brings your Social Security check total to $1,500. However, your Medicare Part C plan offers a Giveback benefit that is worth $60. This amount will be paid to the Medicare program by your insurer, and your Social Security check will increase to $1,560. Some plans even offer to cover the full Medicare Part B premium on your behalf, meaning you can get up to the full $148.50 back through your Social Security check.

What Are The Drawbacks To The Part B Giveback Program?

Even though the Part B Giveback program may be option, it is not available to all Medicare Advantage plan participants, and you should still think carefully about whether this benefit is right for you.

Not all Medicare Advantage plans (and not all insurers that offer Medicare Advantage plans) offer the Giveback program.

Some non-Giveback plans might offer better cost sharing and premium options overall than a plan with a Giveback benefit. Therefore, you might find a better financial benefit from a non-Giveback plan.
Not all Giveback plans are available in all areas. Even from county to county, the benefits offered within Giveback plans will vary. Therefore, you must choose a Giveback plan that is offered in your area.
If you receive Medicaid or other government assistance, then you might already qualify for Medicare Part B premium reductions. As a result, you won’t qualify for further assistance from a Giveback program.
You will not receive a Giveback payment as a separate check. Instead, this benefit will be added back into your Social Security check. Therefore, you can only qualify for this plan if you have your Part B premiums deducted through Social Security.

All the same, the Medicare Part B Giveback system may provide a valuable option for those who qualify, and it’s worth asking your insurer or broker whether you can benefit from one of these policies.

Got Medicare Advantage? You Might Qualify for a Medicare Giveback Benefit!

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With a wide variety of Medicare plans to choose from it can be difficult to know if you are getting the best coverage for the lowest cost based on your needs. Fortunately, help is just a phone call away!