Its Important To Know Your Options
If youd like to participate in the Medicare Give Back program, but you currently arent enrolled in a Medicare Advantage plan, or youre enrolled in an Advantage plan that doesnt participate, always remember that you have options. There are numerous Medicare Give Back benefit zip codes out there, and yours may be one of them.
To see if Medicare Advantage plans in your area offer the benefit, search for the Medicare Give Back benefit by zip code today. You may find a qualifying plan that works for you!
Find a Medicare Advantage plan in your area that works for you. Call us today at to speak with one of our licensed agents.
Which Insurance Companies Offer This Benefit
As this is a relatively new feature, there are only a few insurance companies offering the Medicare give back benefit. Aetna, Cigna and Humana are three companies leading the way.
We imagine more insurance companies will get approved to offer this popular benefit next year and in more areas of the country. Its a great way to help those who want to keep their Medicare costs down.
What Is The Medicare Part B Premium For 2021
Medicare Part B Premium and Deductible The standard monthly premium for Medicare Part B enrollees will be $170.10 for 2022, an increase of $21.60 from $148.50 in 2021. The annual deductible for all Medicare Part B beneficiaries is $233 in 2022, an increase of $30 from the annual deductible of $203 in 2021.
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How Do Medicare Part B Giveback Programs Work
Medicare beneficiaries who are enrolled in Part B owe a premium of $170.10 per month. However, the Medicare giveback program offered by some Medicare Advantage plans helps to reduce or eliminate how much you’d pay toward the premium
The reduction could be less than $1, but it could be the full premium amount. Most people don’t get the full premium reimbursement, but some find that any reduction in the premium is helpful.
The important thing to know about the giveback benefit is that you don’t get any money back, you just pay a reduced amount. Then, you’re saving what you’re not paying.
For example, if you pay $170.10 per month but your giveback benefit is $25, you’d only pay $145.10. While you don’t get $25 back, you’re saving $25 by not having to pay it in the first place.
Most beneficiaries opt to have their Part B premium come out of their Social Security checks, and in this case, their lower payment would be reflected in the amount withdrawn from their check. For those who pay via check or a different way, the benefit would be credited to their monthly statement.
Are There Any Concerns With The Part B Give Back
Weve been helping our clients understand their Medicare choices for over two decades. One plan does not fit all. The mistake consumers sometimes make is enrolling in a plan based on cost only. The benefits and network availability must also be considered.
While its tempting to choose a plan with a large giveback benefit, it might be unsuitable if your doctors or hospitals are not in their network. And you should also make certain any Advantage plan covers your most important prescriptions. Especially if you take anything expensive or on a higher Tier.
Also, you want to be sure youre comfortable with Medicare Advantage plans in general. Some people prefer the flexibility of a Medicare Supplement. And switching back and forth between the two is not guaranteed. There are many variables to consider when choosing a supplemental policy.
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Exploring The Give Back Benefit’s Rise In Popularity
While the Give Back Benefit was first introduced in 2003, shows a significant spike in the number of searches for the Part B Give Back Benefit since 2020. Forbes also reported on increased interest in the benefit back in 2020. While there are a number of potential causes for the benefit’s rise in popularity, it’s hard to ignore the timing. The benefit reached peak popularity in 2020, the same year that marks the onset of the COVID-19 pandemic. The pandemic resulted in a lot of economic uncertainty, which is often paired with penny pinching.
Time will tell if this benefit will remain popular, but because of concern around inflation, there is no doubt that Americans nationwide will continue to prioritize saving.
Around 40% Of Medicare Advantage Plans Have No Monthly Premium But Did You Know Some Plans Actually Reduce Your Part B Premium
The Medicare giveback benefit, or Part B premium reduction plan, is becoming more available and popular among beneficiaries. Though not an official Medicare program, this benefit is offered by some Medicare Advantage plans and covers some or all of your Part B monthly premium .
While not all plans offer this benefit, it’s possible to find one where you’d pay a reduced premium amount up to $170. This can help maximize your savings while on Medicare, though there are a number of considerations when deciding if these plans are right for you. Read on to learn more about the giveback benefit and how you could qualify.
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Is Medicare Free At Age 65
You are eligible for premium-free Part A if you are age 65 or older and you or your spouse worked and paid Medicare taxes for at least 10 years. You can get Part A at age 65 without having to pay premiums if: You are receiving retirement benefits from Social Security or the Railroad Retirement Board.
Got Questions About The Medicare Giveback Benefit Here Are Some Answers
Can you really get a Medicare giveback from a Medicare Advantage plan?
A friend forwarded me an ad he saw online. The headline read, Seniors over 65 are getting huge benefits this year. See if you qualify for $144 a month. How can I get this? he wondered.
Another friend asked whether I saw the commercials for the Medicare giveback benefit of up to $144. How could I miss them? I replied.
Lets tackle some questions about the Medicare giveback benefit.
What is the giveback benefit?
The giveback benefit is officially the Part B premium reduction.
This benefit is making a big splash this year, but it first appeared in 2003. A Federal regulation allowed Medicare+Choice plans to receive a reduction in its payments, which in turn helps to fund the giveback.
How do I qualify for the giveback?
The first time I heard about this offer, I wondered whether there might be income-related criteria. In other words, did the persons income have to be below a certain level? But that is not the case. To qualify for a premium reduction, you must:
- Be a Medicare beneficiary enrolled in Part A and Part B,
- Be responsible for paying the Part B premium, and
- Live in a service area of a plan that has chosen to participate in this program.
How many plans provide this benefit?
Thats a good question. You qualify once you enroll in a plan but there are not that many plans participating.
Can I get the premium reduction with other benefits?
Does the plan send me a check?
Any words of wisdom?
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What Medicaid Helps Pay For
If you have Medicare and qualify for full Medicaid coverage:
- Your state will pay your Medicare Part B monthly premiums.
- Depending on the level of Medicaid you qualify for, your state might pay for:
- Your share of Medicare costs, like deductibles, coinsurance, and copayments.
- Part A premiums, if you have to pay a premium for that coverage.
Avoid Overlooking These Details
When it comes to the monthly cost of Medicare, premiums are top of mind for most. Whether you go to the doctor or not, you have to pay your premiums, which is why a premium reduction can be tempting. Below are questions you should ask to avoid the Give Back Benefit costing you something you cant afford to lose:
Are your preferred doctors in-network?
Are your prescription drugs covered?
What is the difference in copay amounts?
Are the services you need covered?
What is the annual out of pocket maximum?
Despite limitations and drawbacks present in plans with a give back program, the benefit has risen in popularity in the past few years.
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Medicare Give Back Benefit What Is It And How Does It Work
So you keep hearing about something called the Give Back Benefit. Its all over the TV commercials and print ads. So whats with all the hype?
The Give Back benefit is used to reduce the cost of the Medicare Part B for individuals. Its an amount that is credited to your Part B monthly premium payment.
This benefit is provided through insurance companies that offer Medicare Advantage Plans. The insurance company will notify Medicare and Social Security that they will cover a portion of your Part B premium.
How Do You Receive The Part B Giveback
For most Medicare beneficiaries, the cost of Part B is deducted from their Social Security checks. Beneficiaries who dont receive Social Security retirement benefits are invoiced directly for their Part B premiums. The giveback rebate can be used by people in either scenario: If youre receiving Social Security retirement benefits and you enroll in an Advantage plan with a giveback rebate, the amount thats deducted from your check to cover the cost of Part B will be lower. And if you pay your premiums directly to Medicare, youll be invoiced a smaller amount.
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Medicare Give Back What Is It
If you are on Medicare and looking forward to maximizing your savings, you might wonder what the Medicare give back benefit is. This is a term for a Medicare Part B premium decrease featured in some Medicare Advantage plans rather than an official Medicare program. The Part B premium reduction is the give back benefit. The terms of the plan you choose and a few other considerations will determine whether you receive this discount.
How Does Medicare Part B Give Back Plans Work
Instead of Medicare, Part B Give Back plans are health plans offered by commercial insurance firms.
Beneficiary of Medicare Part A and Part B coverage and some bonuses enjoy the same benefits as other Medicare Advantage plans.
These bundled plans offer complete coverage that lowers out-of-pocket expenses for hospitalization, doctor visits, and other outpatient healthcare services. Prescription medicine coverage is a standard part of the additional benefits.
Another extra feature that distinguishes these plans is the give back campaign. The insurance company pays Part B premiums on behalf of their policyholders, saving them money each month.
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Whos Eligible For A Medicate Advantage Plan With A Part B Giveback Benefit
To be eligible, you must:
- Be enrolled Original Medicare
- Pay your own Part B premium
You are not eligible if you receive Medicaid or any government assistance that helps you pay your Part B premium. Also, the Part B Giveback is restricted to certain states and counties. Plans may not be available in your area.
People Who Have Both Medicare & Medicaid
People who have both Medicare and full Medicaid coverage are dually eligible. Medicare pays first when youre a dual eligible and you get Medicare-covered services. Medicaid pays last, after Medicare and any other health insurance you have.
If you choose to join a Medicare Advantage Plan, there are special plans for dual eligibles that make it easier for you to get the services you need, include Medicare coverage , and may also cost less, like:
- Special Needs Plans
- Medicare-Medicaid Plans
- Program of All-Inclusive Care for the Elderly plans can help certain people get care outside of a nursing home
How Do Medicare Part B Give Back Plans Work
Medicare Part B Give Back plans are health plans offered by private insurance companies rather than Medicare.
Like other Medicare Advantage plans, beneficiaries enjoy Original Medicare Part A and Part B coverage benefits and usually some extra perks.
These bundled plans provide comprehensive coverage that reduces out-of-pocket costs for hospital treatments, doctors visits and other outpatient healthcare services. Additional benefits such as prescription drug coverage are also typical features.
The Give Back initiative is another one of the supplemental benefits that set these plans apart. The insurance company pays for all or part of the Part B premiums on their members behalf, representing a considerable saving each month.
Is The Give Back Program New
Thanks to a deluge of television ads, this may be the first time youve heard of the opportunity. But, its actually been around for years .
There are some 3,500 different Medicare Advantage plans available nationwide. No accurate numbers reflect how many offer the benefit. But experts note that the number could be around 500 to 600. Keep in mind however, that for some plans the bonus can be as little as $0.10 a month. For others it can be the maximum for 2022.
What Factors Other Than Premium Should I Consider When Choosing A Medicare Advantage Plan
The total monthly premium is just one aspect of your coverage, and there are numerous other features that youre going to want to take into consideration when youre making a plan selection. For example:
- How will the plan cover your specific prescription drugs, and what pharmacies are in-network?
- Which doctors and hospitals are in the plans provider network?
- What are the total out-of-pocket costs that youre likely to have under the plan?
- What additional benefits does the plan provide, and how much value will you get from them? This can include coverage for things like over-the-counter drugs, in-home support, dental services , hearing aids, gym memberships, and more. Particularly for people with certain chronic medical conditions, Medicare Advantage plans are increasingly offering additional supplemental benefits, but you have to qualify for these based on your medical needs.
- What star rating does the plan have?
Louise Norris is an individual health insurance broker who has been writing about health insurance and health reform since 2006. She has written dozens of opinions and educational pieces about the Affordable Care Act for healthinsurance.org. Her state health exchange updates are regularly cited by media who cover health reform and by other health insurance experts.
How Much Money Can I Get Back From A Give Back Benefit
This depends on the Medicare Advantage plan you choose, and how much of a give back benefit it offers. Give back benefits can cover up to $170.10 per month in 2022, which is the full Part B monthly premium for most people. However, many plans offer less than the full Part B premium. You may be able to select a plan that offers $50 or $100 back each month. If so, youll pay the remaining amount each month out of your Social Security check. For example, if you receive a monthly $100 give back benefit, the $70.10 difference will be deducted from your Social Security check each month.
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You Need To Be Enrolled In A Medicare Advantage Plan To Receive The Benefit
According to the official U.S. government website for Medicare, some Medicare Advantage plans cover part or all of your Medicare Part B monthly premium. In order to enroll in a Medicare Advantage plan, you’ll need to be enrolled in or eligible for both Medicare Part A and B.
To receive the Medicare give back benefit, you’ll need to enroll in a plan that offers to pay your Part B monthly premium.
How To Get A Medicare Part B Give Back Plan
Its important to compare Medicare Advantage and Medigap plans before enrolling in either option. Many beneficiaries are unaware of the many limitations that come with Medicare Advantage plans, so a Medicare Part B premium reduction may not be worth the additional cost-sharing for some. It is essential to fully understand your policy limitations before deciding on a plan.
If you want to keep Original Medicare but wish to save money on monthly premiums, you should consider the High Deductible Plan G or High Deductible Plan F Medigap options. Another comprehensive yet affordable Medigap option is Plan N.
Whichever route you decide to go, speaking with a licensed agent is always helpful when comparing benefits. To see what Medicare Advantage options are available in your area, enter your ZIP Code in this portal.
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What Is Part B Giveback
Medicare Part B Premium Giveback, also known as Part B Premium Reduction, is a program offered through Medicare Advantage plans that gives back a portion or all of your Medicare Part B premium.
Medicare Advantage plans are offered by private insurance companies approved by Medicare that include Original Medicare benefits plus additional benefits like dental, vision, hearing, and more. Since Medicare Advantage plans include Original Medicare benefits, you still have to pay your Part B premium in addition to a Medicare Advantage premium if any. For 2021, the standard monthly Part B premium cost is $148.50. If you enroll in a Medicare Advantage plan with Part B Premium Giveback the plan will give you back a portion or all of your monthly Part B premium.