Part B Giveback Benefit
Medicare Advantage Plans, also known as Medicare Part C, are a type of health insurance plan offered by private insurance companies approved by Medicare. These plans combine the coverage provided by Medicare Parts A and B. They often include additional benefits such as prescription coverage, dental, and vision benefits. Among the various benefits offered by Medicare Advantage plans, the Part B Giveback benefit is becoming increasingly popular.
What is the Part B Giveback Benefit?
The Giveback benefit is an additional feature offered by some Medicare Advantage Plans that refunds part of the monthly Part B premium paid by Medicare beneficiaries. Medicare Part B covers doctor visits, outpatient care, and medical equipment. The standard monthly Part B premium for 2023 is $164.90, but higher-income individuals may pay more. With a Giveback benefit, a portion of this premium is returned to the beneficiary, effectively lowering their overall healthcare costs.
How much can I get back every month?
While the exact amount of the Giveback benefit varies by plan, it usually ranges from $10 to $150 per month. Although this may seem like a small amount, it can accumulate over time and help offset other healthcare costs. Moreover, the Giveback benefit empowers Medicare beneficiaries to take more control over their healthcare costs and make informed decisions about their health. This money is reimbursed right into your social security check every month , or if you are not on social security, your quarterly bill is reduced by the amount of your giveback benefit.
For example: if you have a Part B giveback plan that includes a $100 monthly giveback benefit, you would only pay $64.90 a month for your Part B premium. Your Medicare Advantage plan would be picking up the additional $100 for you.
How do I know if I’m eligible for the part b giveback benefit?
To be eligible for the Giveback benefit, beneficiaries must first enroll in Medicare Parts A and B. They must also reside in the plan’s service area and meet any other requirements set forth by the plan. Medicare beneficiaries can enroll in a Medicare Advantage plan during the Annual Enrollment Period (AEP) from October 15 to December 7 each year or during a Special Enrollment Period (SEP) if they experience a qualifying life event, such as moving to a new state or losing employer-sponsored coverage.
It’s important to note that not all Medicare Advantage plans offer a Giveback benefit. The availability and amount of the benefit can vary by plan and location. Beneficiaries should carefully review plan details and compare the costs and benefits of different plans. Medicare beneficiaries can use the Medicare Plan Finder tool to help compare. This can be found on the Medicare website to compare Medicare Advantage plans in their area. At LMS Insurance group, we can let you know every giveback plan available in your area and can help you decide if this type of plan may be a fit for you. These plans can vary tremendously state to state, so do your homework before making any decisions.