What is a Part B Premium Giveback “Giving Back”?
Beneficiaries that are paying into the monthly Part B premium of $170.10 for the year of 2022 may be able to get some money back known as (Giveback). Carriers like SCAN, Wellcare, Blue Shield, UHC and BND offer Medicare Advantage plans with giveback in some counties.
What is Medicare Part B Premium Giveback?
Health Insurance carriers created an incentive for the beneficiaries that designates a portion of the enrollee’s payment towards a Part B to be credited back to the beneficiaries. The health carrier then notifies the Social Security and CMS of the set agreement on the total cost amount it will take upon that is specified on the Medicare Advantage Plan.
Did you know? Giveback incentive is paid by Social Security check.
Medicare 2022 Part B Premium Giveback Eligibility?
Beneficiaries who pay into their own Part B premium are eligible to enroll in a Giveback Plan.
Did you know?
Part B premium Giveback may be unavailable to some states or counties.
What to do?
Check the MA (Medicare Advantage) Summary of benefits for the service area for the plan your client is interested in before informing them that the incentive is available to your beneficiaries.
Making Sure Beneficiaries Receive Giveback?
It is especially important to only offer Giveback incentives to your beneficiaries with a Social Security number. Since the “Giveback” is paid by Social Security Administration, the Part B Giveback is paid monthly on the beneficiaries’ Social Security Check.
Did you know?
The Health carrier does not make any direct payments to the beneficiaries.
