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Part B Premium Give Back

To maintain your Part B Medicare benefits, you must pay a monthly premium. In 2021, this premium was set at $148.50. While some people get Part A benefits free of charge, this is not an option for Part B. This fact leaves many Medicare beneficiaries wishing they could be compensated for some of their Part B premium costs. Fortunately, some Medicare Advantage plans offer Part B Premium Giveback benefits, which covers a portion of your Part B premiums. 

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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This Is How Long It Takes

Your Part B Premium Give Back payments will be credited to your Social Security check every month. Though, it can take some time before this begins to happen. Your insurer and the Social Security Administration will need time to process your Giveback, meaning you may not receive additional funds immediately. Don’t worry, though, as you may receive a lump sum amount once the plan is finished processing. Keep in mind that this also applies to when you disenroll in a Part B Premium Give Back. If you decide to deactivate this benefit, it may take a few months for that decision to be acknowledged by Social Security. In this case, you may have the amount subtracted from later checks.

Only Some Plans Offer Part B Premium Give Back

If you are interested in enrolling in a Medicare Advantage plan that offers Part B Premium Give Back benefits, keep in mind that only a select few insurance providers offer such coverage. If you want to find such a plan, an insurance agent can be extremely helpful. By working with the knowledgeable insurance professionals at El-Mag Insurance in Hollywood, FL,, you can ensure that you will find the coverage you need with ease. To get started, give us a call at 954-674-1444.