![]() This means you may have a limited number of options, or the reduction program may not be offered by plans in your area. To enroll in an MA plan, you must live within its service area. Not all MA plans offer this benefit, so you must find a plan that does to take advantage of the savings opportunity. How to find plans that offer the giveback benefit After that time, you'll see an increase in your check amount. However, note that it could take Social Security up to 3 months to process your premium rebate. The reduced amount will reflect in your Social Security payments and your SS checks will be higher than they used to be because less is being taken out for the premium. ![]() It's important to know that, if you aren't reimbursed, you'll just pay the reduced premium amount. Here, you'll see how much of a reduction you'll get. If you enroll in a plan that offers a giveback benefit, you'll find a section in the plan's summary of benefits or evidence of coverage (EOC) that outlines the Part B premium buy-down. Enroll in an MA plan that provides a giveback benefitīecause not all plans offer this benefit, it's important to do your research and compare plans, benefits, and costs to ensure you're making the best decision for you.Live in the zip code service area of a plan that offers this program.Do not rely on government or other assistance for your Part B premium.You may qualify for a premium reduction if you: If your plan offers a full $164.90 refund, you wouldn't have a Part B monthly premium to pay. Instead, you'd only pay $114.90 per month, keeping that $50 in your wallet. ![]() Instead of paying the full $164.90, you'd only pay the amount with the giveback benefit included.įor example, if you typically pay $164.90 per month but your MA plan's giveback benefit is $50, you don't get $50 back each month. If you don't pay that way, the giveback benefit would be credited to your monthly statement. If your premium comes out of your Social Security check, your payment will reflect the lower amount. Instead, you just pay the reduced amount and are saving the amount you'd normally pay. Your reduction could range from less than $1 to the full premium amount.Įven though you're paying less for the monthly premium, you don't technically get money back. The giveback benefit, or Part B premium reduction, is when the Part C Medicare Advantage (MA) plan reduces the amount you pay toward that premium. When you're enrolled in Medicare Part B, you must pay a monthly premium of $164.90. What is the Part B premium reduction benefit? Read on to learn more about the giveback benefit and how you could qualify. 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. While not all plans offer this benefit, it's possible to find one where you'd pay a reduced premium amount up to $164.90. Though not an official Medicare program, this benefit is offered by some Medicare Advantage plans (Medicare Part C) and covers some or all of your Part B monthly premium ($164.90 in 2023). The Medicare giveback benefit, or Part B premium reduction plan, is becoming more available and popular among beneficiaries.
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