Medicare Part B Premium Giveback
Are you interested in a plan with a Part B premium giveback? To see if one is available in your area connect with one of our licensed agents.
The standard monthly Part B premium cost for beneficiaries in 2021 is $148.50. Carriers like Humana, WellCare, Emblem and Cigna, just to name a few, offer MA plans with the Part B Giveback in some counties.
A Part B Premium Giveback is the carrier’s payment for a designated portion of an enrollee’s Part B premium. The carrier notifies the Centers for Medicare & Medicaid Services (CMS) and Social Security Administration of this agreement to take on the cost of the specified amount.
This incentive is found within select Medicare Advantage (MA) plans, though, it is important to note, the Part B Giveback can be restricted to specific states and counties. It’s important to check the service area of the MA plans featuring this incentive to make sure your plans with this benefit are available to you.
Beneficiaries who pay their own Part B premium are eligible for the Giveback. Meaning, beneficiaries cannot receive Medicaid or any other assistance from a health program that could potentially pay their Part B premium.
The Part B Giveback is credited monthly on the beneficiaries’ Social Security check. Also, important to note, the Giveback incentive only participates with Social Security. There are no direct payments made to beneficiaries by the carrier.