Have you ever heard of a Medicare Part B Giveback benefit? You must be wondering right now what it really means or you must be thinking since you are already under Medicare you already have it but let’s not jump to conclusions yet. Don’t worry we will discuss it all for you. We will let you know if you are eligible and we also have suggestions on where to get one if you don’t have it yet. We’ll see what are the options for you and what’s the right fit for you.
Let’s first talk about what is Part B’s giveback benefit.
All About Medicare Part B Giveback Benefit
The Medicare Part B giveback benefit or reimbursement is a benefit unique to some Medicare Advantage plans (MA). This advantage supports the policyholder’s entire Medicare Part B premium.
The availability of these plans is dependent on your location, as they are not accessible in every ZIP code. Furthermore, you’ll want to know if a Medicare Advantage plan is the best option for you.
Because the premium is deducted from their Social Security checks each month, the giveback benefit can be a great way for beneficiaries to save. This benefit, however, is not available in all Advantage plans.
The Part B giveback benefit assists Medicare beneficiaries in lowering their monthly healthcare expenses by decreasing the amount of their Medicare Part B premium. When you enroll in a Medicare Advantage plan that includes this benefit, the carrier pays either a portion or the entire monthly premium for your outpatient services.
If you’re asking how much you will get from this benefit well, the amount you will receive fluctuates depending on the plan. Amounts can range from $0.10 in some counties to the full year’s standard premium. The amount you receive will be determined by the choices available in your location. Depending on the county, policies with the same name may have different premium giveback amounts. As a result, it is critical to fully grasp your Medicare Advantage plan before enrolling.
Medicare Part B Giveback Benefit & Medicare Part B Premium Reduction
The giveback benefit is also known as Part B premium reduction. You may see various terms for the program depending on where you live. Even so, the feature works the same way across all plans. The give back benefit, or Medicare Part B Premium Reduction is implemented to save policyholders money on their health care expenses.
Only Medicare Advantage plans are eligible for Part B premium reductions. Original Medicare does not include the giveback benefit. To be eligible for a premium reduction, you must be enrolled in Medicare Part C.
Policyholders must meet certain criteria to be eligible for a giveback plan. You must first be enrolled in Medicare Parts A and B and pay your own premiums. This means you will not be eligible if your premiums are currently covered by a state or local program. You must also live in the service area of a plan that offers a premium reduction plan. Reportedly, 48 states in the US provide this benefit.
Want to know if you’re eligible for the Part B Giveback benefit? Good news! Knight and Day Solutions has your back. We have a lot of options available so you can find the right fit for you. Knight & Day Solutions works with several different carriers and Verna, a licensed agent in Medicare can discuss them all in a single appointment to make sure you get the best fit for you!