Medicare Part B Premium Giveback

what does part b giveback mean
what does part b giveback mean

Who doesn’t like to be paid for spending?

 

If you pay your own Part B premium with some Medicare Advantage plans, you could get money back! As a health insurance agent selling Medicare, you want to know the process of this perk, who is eligible for the giveback, and how beneficiaries will receive funds.

what does part b giveback mean

Medicare Advantage Give Back PayBack Benefit

More than 40% of the total Medicare enrollment, is enrolled in MA plans. As the price of everything goes up, Medicare Part B Give Back plans are becoming more common to save. The average MA member saves more on personal healthcare costs, compared to traditional Medicare enrollees. With monthly premiums rising yearly ($170.10 for 2022), wouldn’t it be nice to save your client some money? Use benefits as a sales tool and check MA plans in your area for coverage for client needs.

 

Who is Eligible for the Medicare Part B Give Back Benefit?

If enrolled in Medicare Parts A and B, and do not receive Medicaid or other help from a health program to pay your Part B premium, you are entitled to a “giveback.” (see Cigna, Humana, WellCare, and SCAN for buy-back options).

what does part b giveback mean

How Will the Beneficiary Receive the Funds?

The carrier contacts the Centers for Medicare and Medicaid Services (CMS), after it pays the designated portion of the Part B premium. Then Social Security Administration will take over from there. Since the activation process could take up to three months, enrollee’s first check from Social Security, will have a lump sum where the Part B premium was deducted. After the benefit is activated, each month a specific dollar amount of benefit will be credited through Social Security. Note: there are no givebacks from the carrier, but only for those participating with Social Security.

 

After completing your research, you may find that a Medicare Part B Give Back plan helps you for less.

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