What is the Medicare Give Back Benefit?
NEW YORK, August 20, 2021 (Newswire.com) - The Medicare Advantage Give Back Benefit* is a reduction in the Medicare Part B premium paid in part or in full by the insurance provider. Medicare Advantage plans are different from Medicare Supplement Plans in that they're an alternative to Original Medicare.
*It is also known as the Medicare Advantage Give Back Program and Medicare Buy Back Benefit. By any name, the Medicare Advantage Give Back Benefit is a reduction in your Part B premium, not a reimbursement.
How does the Medicare Give Back Benefit work?
The Medicare Give Back Benefit works through Social Security, so you will not receive a check or reimbursement directly from the carrier. (The Give Back Benefit is not a reimbursement—it's a premium reduction.)
If you pay your Medicare Part B premium through Social Security, you'll see the reimbursed amount given back in your Social Security check.
If you pay Medicare directly, once you are enrolled in your plan that offers the Medicare Give Back Benefit, you'll pay Medicare the reduced amount. Anything additional you pay will not be reimbursed to you by your insurance provider.
How much does the Medicare Give Back Benefit cover?
The amount of your reduction will depend on your carrier and location. Your Give Back Benefit may be as low as $0.10 or as high as the full amount of the Medicare Part B premium. These benefits are more widely available than ever before. In 2021, 48 states will offer Medicare Advantage Plans. However, there are some zip codes where it is not available.
How do I qualify for the Medicare Give Back Benefit?
- You must be enrolled in Medicare Part A and Part B.
- You must not be receiving any government assistance to help you pay your premium for Medicare Part B
- You must live in an area that participates in the program
If you don't qualify for a Medicare Give Back Benefit, there may be other options for you. Be sure to speak with a local Medicare expert to go over your best options.
It's always important to weigh the advantages and disadvantages of a Medicare Advantage plan to see if it's the right option for you. Saving on your monthly premiums is a great benefit, but make sure the plan you choose is able to meet your other needs as well.
With any Medicare Advantage program, you can generally expect low premiums, a relatively small network of doctors, and out-of-pocket limits.
There may also be additional dental, vision, and hearing insurance that your Medicare Advantage plan offers. Be sure to explore your options to see what you could save and gain from a Medicare Advantage plan.
Source: iQuanti, Inc.