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What Is Medicare Give Back Benefit

Who Is Eligible For The Medicare Part B Giveback

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Itâs worth noting that not everyone is eligible for a Part C plan that offers a Part B Premium Giveback, sometimes also called the Medicare give back benefit. In fact, there are two factors that may not allow you to find one of these plans. The first of these deals with how you currently pay for your Medicare Part B premium. In order to qualify for a plan with a Part B Giveback, you need to pay for your Part B premium on your own. This means that if you receive assistance from Medicaid or programs like Medicare Savings Plans youâre not eligible for the giveback benefit. The upside to this news is that youâre not eligible for it because youâre already receiving help, so you may not need it.

Not every plan offers a Part B Premium Giveback, and not every area has plans that offer the giveback either.

The other factor of eligibility has to do with location. Not every plan offers a Part B Giveback, and not every area has plans that offer the give back benefit either. This is dependent on zip code and the array of plans offered. Currently, most zip codes have at least one plan with a Part B Premium Giveback, but if youâre in a location that doesnât, you wonât be able to enroll in that type of plan that offers it. That said, itâs rare that there isnât one in your area, so as long as youâre enrolled in Medicare and pay for your own Part B premium, thereâs a good chance you can find a plan featuring the giveback.

How Much Can I Get Back

The amount you get back ranges from $10 or less in some counties up to the full Part B premium amount of $148.50. In most cases, it falls somewhere between $20 and $100.

The exact amount you get back depends on plan options in your area. Don’t be surprised if you find out that the same plan has different premium reduction amounts in different counties and states.

The other thing that could impact how much you get back is that Medicare Advantage plans individually set fees for premiums, deductibles, and services. Although plan providers must follow Medicare’s rules for coverage, they can change the fees associated with their plans once each year. These changes go into effect annually on January 1.

Should You Consider A Medicare Give Back Plan

Medicare Part B Give Back plans offer immediate plan benefits, but they could be more expensive than some other Medicare plan options in the long run. Furthermore, these plans arent available in every zip code or with all insurance providers.

You should do your research to see whether a Medicare Part B Give Back plan and the benefits it offers are the best option for you. While they are not an option for everyone, you may find that a Medicare Part B Give Back plan helps you access the health services you need for less.

Zia Sherrell is a digital health journalist with over a decade of healthcare experience, a bachelors degree in science from the University of Leeds and a masters degree in public health from the University of Manchester. Her work has appeared in Netdoctor, Medical News Today, Healthline, Business Insider, Cosmopolitan, Yahoo, Harper’s Bazaar, Men’s Health and more.

When shes not typing madly, Zia enjoys traveling and chasing after her dogs.

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How Do I Find Plans That Offer The Give Back Benefit

For 2021 the give back plans in NJ include:

  • AARP Patriot Plan – $30 give back. No drug plan
  • Aetna Prime Credit – $50 give back. Includes a drug plan
  • Humana – $40 give back with a drug plan. $50 give back with no drug plan.
  • WellCare Absolute – $60 give back. Includes a drug plan.

Inquiries can be directed to 800-435-4765

Information is for educational purposes only and should not be construed as an offer of insurance, advice, or recommendation. The information provided is not intended as tax, financial, investment or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.Not connected or endorsed by the US Govt or the Federal Medicare Program. Medi-Solutions Insurance Agency, LLC is an independent Life, Accident and Health Insurance Agency, NJ Ref#1642311. Some plans and features may not be available in all states.

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How Do Medicare Part B Give Back Plans Work

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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.

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What Is The Medicare Part B Give Back Benefit

The Give Back benefit is a benefit offered by some Medicare Advantage plan carriers that can help you reduce your Medicare Part B premium. You should know, however, that the Give Back benefit is not an official Medicare program. This benefit is provided as part of some Medicare Part C plans as a way to encourage participation in a specific plan. You might also hear the Give Back plan called the Part B premium reduction. Here is how it works.

When you sign up for a Medicare Advantage plan that includes the Medicare Give Back benefit, the Advantage plan carrier will pay for a portion of your Part B premium. In some cases, they might even pay for your entire monthly premium. However, you will not receive a rebate check each month from your insurance company. You will see a reduction in the amount of your premium by the give back amount. For instance, if you pay the standard premium amount of $170.10 each month and your give back amount is $70, then you would only pay $100.10 each month. Most people have their Medicare premium automatically withdrawn from their Social Security check. In that case, you would see a deduction of $100.10 per month instead of the full $170.10.

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What Are The Qualifications For Medicare Give Back Benefits

Medicare Give Back plans arent open to everyone, so make sure you meet the criteria before applying.

You must be:

  • Enrolled in Medicare Parts A and B
  • Responsible for paying your own Part B premium, meaning you dont receive Medicaid or other forms of assistance for paying Part B premiums
  • Living in a service area for a plan offering give back benefits

How Can I Qualify For The Give Back Benefit

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Well, that depends on where you reside and whether or not you have access to a Medicare Advantage Plan that provides this benefit. To enroll in this plan, you must live in the plans service area.

If no plans with a give back benefit are available in your area, you will not be able to acquire it unless you relocate to another area where one of the plans is available.

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So Just What Is The Medicare Give Back Program

If youre new to Medicare, you may still be trying to learn the ins and outs of the program. Even just learning what the program will or will not cover can feel like a Herculean task at times! You may not realize just yet that you can receive a reduction on the premium that you pay for Medicare Part B.

In an age of rising costs, its important to save money where you can. The Medicare Give Back benefit exists for that reason exactly. Depending on where you live, the Medicare Give Back program can save you a fair amount of money. It does this by shaving a little bit off of what you pay for Part B.

Its important to note that not everyone will have access to the Medicare Give Back benefit. The program has certain limitations, including your location, as we mentioned above. Today, were going to answer the question of What is the Medicare Give Back benefit? while discussing the limitations of the program.

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.

Learn six ways to save on your Medicare costs

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Covered Services In Medicare Advantage Plans

With a Medicare Advantage Plan, you may have coverage for things Original Medicare doesn’t cover, like fitness programs and some vision, hearing, and dental services . Plans can also choose to cover even more benefits. For example, some plans may offer coverage for services like transportation to doctor visits, over-the-counter drugs, and services that promote your health and wellness. Plans can also tailor their benefit packages to offer these benefits to certain chronically-ill enrollees. These packages will provide benefits customized to treat specific conditions. Check with the plan before you enroll to see what benefits it offers, if you might qualify, and if there are any limitations. Learn more about what Medicare Advantage Plans cover.

What Is Meant By A Medicare Give Back Benefit

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The Medicare Part B give back is not a government plan offered by Medicare. It is only offered by some Medicare Advantage Plans . The give back covers some or all of your Part B monthly premium. For 2022, most people will pay a Part B monthly payment of $170.10. Some may pay more depending on their monthly income.

When you are shopping for a Medicare Advantage Plan take into consideration, among all the other factors, whether the best plan for you offers this Medicare rebate.

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Who Is Eligible For The Medicare Part B Give Back Benefit

It is pretty easy to qualify for the Medicare Give Back benefit as the eligibility criteria are straightforward. First, you must be enrolled in Original Medicare. You need to have both Medicare Part A and Medicare Part B coverage. Next, you must pay your own monthly Part B premium. If you receive financial assistance through Medicaid services or some other program that pays your Part B premium, then you cannot qualify for the Give Back benefit. Some state and local programs exist that help pay Part B premiums for participants, but these programs will disqualify you from the Give Back program.

Finally, you should live in a service area that is eligible for the Give Back program. Since this program is administered by the private insurance carriers who manage Medicare Advantage plans, it is only available in certain areas. There are currently 48 states in America that have access to a Give Back benefit, so you can likely find one in your area. The easiest way to determine that is by checking your ZIP code and searching for available Medicare Advantage plans in your area.

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.

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How Do I Receive The Medicare Giveback Benefit

You will not receive checks directly from your Medicare Advantage plan carrier. You can get your reduction in 2 ways:

  • If you pay your Part B premium through Social Security, the Part B Giveback will be credited monthly to your Social Security check.
  • If you dont pay your Part B premium through Social Security, youll pay a reduced monthly amount directly to Medicare.
  • How Do Medicare Advantage Plans Work

    Medicare Explained / Medicare Part B & Medicare Part A (and Supplements)

    A Medicare Advantage is another way to get your Medicare Part A and Part B coverage. Medicare Advantage Plans, sometimes called “Part C” or “MA Plans,” are offered by Medicare-approved private companies that must follow rules set by Medicare. If you join a Medicare Advantage Plan, you’ll still have Medicare but you’ll get most of your Part A and Part B coverage from your Medicare Advantage Plan, not Original Medicare.

    These “bundled” plans include

    , and usually Medicare drug coverage .

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    What Is The Medicare Give Back Benefit

    Medicare is a U.S.-based federal health insurance program for adults 65 and older and some younger people with impairments or health conditions.

    Even if you have employer-provided health insurance at 65, enrolling in Medicare to replace or supplement your current coverage has several benefits. Take a few moments to read about the fundamentals. Now, lets dive into what the Medicare give back benefit is and further details on it.

    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.

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    Find The Best Medicare Advantage Plan For You

    The Association makes available the only national directory listing local Medicare insurance agents. It is free to use and completely private. You enter NO personal information to access .

    Agents include a description. Look for those who indicate that they sell Medicare Advantage plans.

    Questions To Ask

    What Is The Medicare Part B Premium Give Back Benefit

    What is Medicare Part B Buy Back/Give Back?

    Some carriers offer a monthly Part B premium reduction to increase plan affordability, making Medicare Advantage plan enrollment even more attractive to potential beneficiaries.

    The Part B premium reduction is the net amount a beneficiary pays for their policy. It’s been in place since 2003 but has gained a lot more attention in recent years as people try to more closely manage their healthcare costs.

    Although it applies to Part B premiums, the Give Back Benefit is actually offered in some Part C Medicare Advantage plans.

    When you enroll in a Medicare Advantage plan, your carrier might offer to pay all or part of the premium for your outpatient coverage. As you research Medicare Advantage plans, check the Summary of Benefits or Evidence of Coverage and look for a Part B premium buy-down reference to see if the policy offers this as a benefit.

    You can determine how much of a reduction you’ll receive in the Summary of Benefits, or you can call your plan’s customer service number and they can tell you about the Give Back Benefit as well.

    When you sign up for a Medicare Advantage plan with the Give Back Benefit, your insurer will notify the Centers for Medicare & Medicaid Services and Social Security Administration of the agreement to take on some or all your Part B premium.

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    Your Plan Could Change Its Premiums

    The official U.S. government website for Medicare reports that, even though private insurers must follow Medicare’s rules for coverage in their Medicare Advantage plans, they each individually set the fees they charge for premiums, deductibles, and services.

    Each private insurer offering Medicare Advantage plans can alter the fees associated with their plans once a year. This means that your plan could offer a reduction in your Part B costs one year, and then change it the next.

    These changes can only take place once a year, on January 1. Be sure to review any alterations to your plan after this date.

    Are Medicare Part B Give Back Plans Cheaper Than Other Medicare Plans

    Since providers waive all or part of the Part B premium, they may be cheaper than other Medicare Advantage plans.

    However, compared to Original Medicare combined with a Medigap Medicare Supplement plan, you may find that Medicare Part B Give Back plans have higher cost-sharing. Co-payments, co-insurance and deductibles for doctors visits and health services, particularly out-of-network, may cost you more than Part B premiums with Original Medicare plus a Medicare Supplement plan.

    Consider also that High Deductible plans, with lower premiums than standard Medicare Advantage plans, may be more affordable than Medicare Part B Give Back plans for people who rarely make claims.

    Research all your options to determine whether a Medicare Part B Give Back plan will be more affordable for you in the long run than another Medicare plan.

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    Medicare Give Back Benefits Arent Offered In My Area How Can I Save Money On My Medicare

    If you have Medicare Advantage , you may be able to switch to a new Part C plan that has a lower premium. If you pay a monthly premium for your Medicare Advantage plan, you may be able to switch and save most Americans have access to plans in their area that feature no-cost premiums.

    If income is a concern, you may qualify for dual eligibility in both Medicare and Medicaid. Medicaid is health insurance for Americans with low income. Qualifying for dual eligibility often allows you to enroll in a D-SNP, or Dual Eligible Special Needs Plan. With these plans, your state will often help pay a portion of your Medicare costs. But because Medicaid is partially run by the states, eligibility will depend on where you live.

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