What goes through your mind when you hear about Medicare give-back benefits? It sounds like the free disbursement of funds for Medicare. Many people do not understand what it is, the benefits, downsides, and regulations.
As enticing as it may sound, it is not entirely free, but it will ease the burden and help you financially. This blog post will tell you all you need to know about the Medicare Part B premium give-back benefits and give you a guide through it.
What is Medicare Part B Premium Give Back Benefit?
Another term for the Medicare Part B Premium Give Back Benefit is Part B premium reduction.
Medicare Part B give-back benefit is a feature of some Medicare Advantage plans that enables Medicare beneficiaries to receive a refund of all or part of their Medicare Part B premium, thereby reducing their monthly spending on health care.
There are relatively few insurance companies that offer a Medicare Part B Premium Give Back Benefit as a feature of their Medicare Advantage plan. The benefits are available when you enroll in a specific Medicare Advantage plan that offers this feature. Some carriers offer several Medicare Advantage plans with only one of the plans having a Giveback feature.
How Does Medicare Part B Premium Give Back Benefit Work?
To participate and get the benefits of the plan, you must be eligible for and enrolled in Medicare Parts A and B, respectively. You also have to enroll in the specific Medicare Advantage plan offering the Part B Giveback feature.
You will not be entitled to the Medicare Part B Give Back benefit if you get assistance from the government in the forms of Medicaid or Low-Income Subsidies. You must be actively paying and current on your Medicare Part B premiums.
Eligibility For The Medicare Part B Premium Give Back Benefit.
To be eligible for the plan;
- You must be actively paying for your Medicare expenses to get the GiveBack Benefit.
- You get Medicare Advantage plans with only Premium reductions. It can come with benefits which include the give-back benefit.
How to Avoid Losing Out on The Medicare Give Back Benefit
To avoid paying much for the plan instead of you benefiting from it, you should ask these questions:
- Are your choice of doctors in-network?
- Does the plan cover your prescription drugs?
- Is there any difference between the amount you will pay without the plan?
- Are your needs covered?
- What is the yearly out-of-pocket limit?
Do you Get a Paycheck Every Month?
You will not get a paycheck every month. The give-back benefit is provided to you as a payment from the plan carrier into your Social Security account. As your Medicare Part B premiums are paid to Medicare from your Social Security account, the Giveback feature pays into your Social Security account allowing for a larger net Social Security payment to you each month.
To get the benefits of a Medicare Advantage plan with a Part B premium giveback feature, you need to search among the Medicare Advantage plans offered by carriers in your zip code. Information on specific Plan details is available online at www.unitedmedicarex.com.