Your Medicare Community - MedicareFAQ

Medicare Advantage Give Back Benefit (Part B Reduction Plans)

March 12, 2021 Lindsay
Your Medicare Community - MedicareFAQ
Medicare Advantage Give Back Benefit (Part B Reduction Plans)
Show Notes Transcript

You've likely seen commercials for the Medicare give back program, which is also known as the buyback benefit – some commercials even refer to it as a Medicare reimbursement plan. Yet, this benefit actually isn't a reimbursement at all, but a reduction. In this video, we'll explain what you need to know about the Part B premium reduction benefit that's available with some Medicare Advantage plans.

The Part B reduction plan is, well, just as it sounds. You enroll in a Medicare Advantage plan, and the carrier pays either part or your entire Part B premium. In the summary of benefits or evidence of coverage, you'll see a section that mentions the Part B premium buy-down. This is where you can see how much of a reduction you're going to get. This benefit is also referred to as the giveback benefit.

The giveback benefit has become very common across all states and is now available in the majority of areas. However, there are some ZIP Codes that do not offer this benefit in their Medicare Advantage plans.

Many carriers, both large and small, offer a Part B premium reduction plan. These include Humana, Cigna, Aetna, and many more. Carrier coverage depends on your county and ZIP Code. You should always consider the plan ratings before you enroll.

The Part B premium reduction plan only participates with Social Security. You won't receive any checks directly from the carrier. Anyone enrolled in Medicaid or another form of assistance helping to pay for their Part B premium will not be eligible to enroll in a Medicare Advantage plan with this benefit.

Most pay their Part B premium through their Social Security check. If your Part B premium currently comes out of your Social Security check, you'll see the reduced amount reimbursed in your check. If you're not paying your Part B premium through your Social Security, then you'll have to pay Medicare directly the reduced amount. If you pay Medicare directly anything over the benefit amount, your carrier will not send you a check to reimburse you; it is a reduction, not a reimbursement.

The amount you get back can range from 10¢ up to the entire Part B premium amount so you pay nothing. This amount depends on your area.

Part B Reduction Plan Eligibility
• You must be enrolled in both Part A and Part B of Original Medicare
• You must not be accepting any government assistance that currently helps you pay your Part B premium
• If you don't qualify for a Part B premium reduction plan, there are many other options available to you

It's important to know that a Medicare Advantage plan is not the best option for everyone. As great as it is to have your Part B premium reduced to save you money in your Social Security check, you might find that if you visit the doctor's office often, you could pay more out-of-pocket than you initially expected. Before you enroll in a plan, be sure to weigh out the pros and cons of Medicare Advantage and Medicare Supplements.

Thank you so much for taking the time to watch this video. If you have any questions, please leave them in the comments section below or give us a call.

Resources:
- https://www.medicarefaq.com/faqs/medicare-part-b-give-back-plan/
- https://www.medicarefaq.com/faqs/pre-enrollment-medicare-advantage-checklist/
- https://www.medicarefaq.com/faqs/medicare-advantage-open-enrollment-period/
- https://www.medicarefaq.com/faqs/medicare-annual-enrollment-period/

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I'm sure you've seen commercials for the Medicare give back program or buyback benefit. Some commercials even refer to it as a Medicare reimbursement plan. However, this benefit is not actually a reimbursement at all, but a reduction. Hi Medicare Community. My name is Lindsay Engle. I'm the Medicare expert for Elite Insurance Partners and MedicareFAQ.com. In this video, well explain what you need to know about the Part B premium reduction benefit that's available with some Medicare Advantage plans. The Part B reduction plan is well just as it sounds. You enroll in the policy and the carrier either pays part or your entire Part B premium. In the summary of benefits or evidence of coverage, you'll see a section that talks about the Part B premium buy down. This is where you can see how much of a reduction you're going to get. If you've heard of this benefit referred to as the give back benefit, it is the same thing as a Part B premium reduction. A giveback benefit is still when your Medicare Advantage plan pays part or your entire Part B premium. This benefit has become very common across all states and is now available in the majority of areas. However, there are some zip code that do not offer this benefit in their Medicare Advantage plans. Many carriers both large and small do offer a Part B premium reduction plan. This includes carriers like Humana, Cigna, Aetna, and many more. It just depends on your county and your ZIP code. You should always consider the plan ratings before you enroll. The plan only participates with Social Security. You will not receive any checks directly from the carrier. Anyone enrolled in Medicaid or another form of assistance to help them pay for their Part B premium, will not be eligible to enroll in a Medicare Advantage plan with this benefit. Most pay the Part B premium to their Social Security check. If your Part B premium currently comes out of your monthly Social Security check, you'll see the reduced amounts reimbursed in your check. If you're not paying your Part B premium through your Social Security then you'll have to pay Medicare directly the reduced amount. If you pay Medicare directly anything over the benefit amount, your carrier will not send you a check to reimburse you. It is a reduction, not a reimbursement. The amount you get back can range from 10 cents up the entire Part B premium amount so you pay nothing. The amount you get back will depend on your area. To be eligible for Part B reduction plan. You must be enrolled in both Part A and Part B of Original Medicare. You must not be accepting any Government assistance that helps you pay for your Part B premium currently. If you don't qualify for a Part B premium reduction plan, there are many other options available to you. It's important to know that a Medicare Advantage plan is not the best option for everyone. As great as having your Part B premium reduced to save you money monthly in your Social Security check, you might find that if you visit the doctor's office often, you end up paying more out of pocket than you initially expected. It's important to weigh out both the pros and cons of Medicare Advantage and Medicare Supplements before you enroll. Thank you so much for taking the time to watch this video. If you have any questions, make sure to leave it in the comment section below or give us a call. If you haven't already, make sure to subscribe to our YouTube channel. Don't forget to turn notifications on so you're notified each time we upload a new video. We also have a fantastic Medicare community on Facebook. Well make sure to include a link below so you can join today. Until next time. Bye.