What Is Part B Premium Give Back?
Some Medicare Advantage plan providers offer you the option to have your Part B premiums partially paid by the carrier. Though, access to plans with Part B Premium Giveback as an incentive may be limited to certain states and cities. If you are interested in a plan that offers Part B Premium Giveback benefits, be sure to check if its coverage area includes your location.
How To Qualify For Part B Premium Give Back
To qualify for Part B Premium Give Back benefits, you must be eligible for Part A and Part B Medicare benefits. You must also be responsible for paying your own Part B premiums. This means that you cannot participate in Part B Premium Give Back if you receive Medicaid or another form of assistance that could help pay your Part B premiums.
This Is How Part B Premium Give Back Works
When you enroll in a plan that offers Part B Premium Give Back benefits, your carrier will notify the Centers for Medicare & Medicaid Services and Social Security Administration. Your insurer will inform them of the amount of your Part B premiums that they will cover, and that amount will be added to your monthly Social Security checks.
Where Do The Funds Arrive?
With plans that include Part B Premium Give Back benefits, you will never receive payments directly from your insurance provider. The payments can only be administered through Social Security.
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