Medicare Part B premium giveback is a program that gives you a break on the premium you pay for your Medicare Part B. This means you get a refund in your pocket and can use it to buy extra coverage, or pay your yearly premiums with more money.
If you are eligible for or use Medicare Part B, then the Medicare Part B premium giveback is something you should be aware of.
What You Should Know About Medicare Part B Premium Giveback
The information below will help you better understand the Medicare Part B Premium Giveback benefit and how it can save you money on healthcare costs.
- Is the Medicare Part B premium giveback a Medicare Advantage Program?
The program is intended for Medicare Part C plans, commonly known as Medicare Advantage plans, which are provided by commercial insurance providers but are nonetheless deemed acceptable and subject to regulation by the Centers for Medicare & Medicaid Services (CMS).
It is a way to help you save money on your Medicare Part B premium. Under this giveback plan, you may get additional money added to your Social Security check that can be applied towards your Medicare Part B premium.
The Medicare Part B premium giveback is a feature of the Medical Advantage program. To qualify for the Medicare Part B premium giveback, therefore, you must be enrolled in a Medicare Advantage plan.
This means that before you may take advantage of any Medicare Advantage giveback arrangements, you must be eligible for or enrolled in Medicare Parts A and B. This is significant because not every Medicare Advantage plan will cover the entire Part B monthly premium.
Also, to qualify for a plan with a Medicare Part B premium Giveback, you must pay your own Part B premium. This implies that if your premiums are covered by the state or if you receive premium help from a third party such as Medicaid or programs such as Medicare Savings, you will be ineligible for the benefit.
These Medicare Advantage plans vary by zip code since they are provided by commercial insurance companies and are not part of the official Medicare plan.
Therefore, not all regions in the U.S. offer the Medicare Advantage plan. This implies that, while some states may have Medicare Advantage plans that cover at least a portion of the monthly Plan B cost, if you live in a state where these plans are not available, you will be unable to receive any Medicare Part B premium giveback.
This is because private insurance companies that provide Medicare Advantage plans choose the precise service areas for their programs.
Conclusion
The Medicare Part B premium giveback benefit allows you to receive a portion of the money you paid for Part B insurance premiums back. It is only available to people who have or are eligible for Medicare Advantage plans and it is location specific.