Medicare Advantage’s Give Back Benefit
The Medicare Give Back Benefit is another name for the premium reduction plan for Medicare Part B. Anyone eligible for Medicare benefits is also eligible for the Give Back benefit, as long as a plan with such benefit is available where you live. Private insurers offer these benefits in certain areas.
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Lindsey Crossmier is an accomplished writer with experience working for The Florida Review and Bookstar PR. As a financial writer, she covers Medicare, life insurance and dental insurance topics for RetireGuide. Research-based data drives her work.Read More
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Christian Worstell is a licensed health insurance agent and an established writer in the sector, with articles featured in Forbes, MarketWatch, WebMD and more. His work has positively impacted beneficiaries nationwide and empowers them to make strong health care decisions.Read More
- Published: January 13, 2023
- Updated: March 31, 2023
- 5 min read time
- This page features 7 Cited Research Articles
- Edited By
- The Medicare Give Back Benefit is a program that offers Medicare Advantage participants a reduction on some or all of their Medicare Part B monthly premiums.
- This benefit is available to anyone who lives in an area where a Medicare Give Back plan is offered.
- Medicare Give Back benefits apply directly to your Social Security account. You won’t get a check in the mail, but you’ll keep more of your Social Security benefits.
What Is the Medicare Part B Give Back Benefit?
The Medicare Give Back Benefit is a Part B premium reduction that some insurance companies offer on their Medicare plan premiums. The benefit is only available for certain Medicare Advantage plans.
Plans with a Medicare Give Back benefit differ from zero-premium Medicare plans. Zero-premium plans have no premium for the plan itself but still require the member to pay their full Part B premium. Meanwhile, Medicare Give Back plans reduce what you pay for your Part B premiums. Since the payment for Part B premiums often comes from your Social Security benefits check, the Give Back results in less taken from the check for coverage each month.
Only people who pay their Medicare premiums themselves can receive a Medicare Give Back benefit. People who have their premiums covered by Medicaid cannot enroll in a Give Back plan.
Other than that regulation, the government has no eligibility requirements for Medicare Give Back enrollment. Monthly income levels and owned asset levels don’t come into consideration. The plan that offers the program has oversight.
The whole purpose of Medicare is to help you save money, and a Give Back Benefit adds an additional layer of savings to members of plans that offer it. Perform a cost analysis whenever comparing plans to see how a Give Back Benefit can affect your bottom line.
Availability of the Medicare Give Back Benefit
The Medicare Give Back benefit is offered on a state-to-state basis and isn’t available nationwide. Insurance companies in 48 states offer Medicare Advantage Give Back plans. They cover people in specific service areas and may not be available to residents in all ZIP codes.
You can check if any Give Back plans are available in your area using the official Medicare Plan Finder tool. Select a plan, click “plan details” and look at “Part B premium reduction” to determine if that specific plan participates in the Give Back benefit. You can also ask a licensed advisor to find a Give Back plan for you. If no plans are available where you live, your advisor can also help you find alternate coverage.
How Does a Give Back Benefit Work?
Medicare Give Back benefits are applied directly to your monthly Medicare Part B premiums. Insurance companies that sell Medicare Advantage plans with a Give Back benefit work with the Social Security Administration to credit your Social Security benefits account each month. You will need to pay the difference between the Give Back benefit amount and your Medicare Part B premium.
For example, if your Give Back benefit amount is $50, that amount will no longer come out of your Social Security benefits check each month. Meaning, you will receive more money each month from your Social Security check if your Medicare Advantage plan participates in Give Back. You would still have the remaining Part B premium amount subtracted from your check each month.
How Much Do You Get Back with a Part B Give Back Plan?
Medicare Part B Give Back plans can provide anywhere from 10 cents to the full premium cost. If your benefit is equal to the full premium amount, $164.90 in 2023, your Medicare Part B coverage will be free other than any deductibles and coinsurance or copays included in your Medicare Advantage plan. You can also find many Medicare Advantage plans that may feature $0 monthly premiums using online tools.
The amount of Medicare Give Back benefits also varies from plan to plan. You’ll need to check the details of your plan to find out how much you will receive.
Things To Consider Before Choosing This Type of Plan
While Medicare Give Back plans can save some money, there can be drawbacks as well.
Lower premiums mean insurers make less money on Give Back plans than they do on standard plans. Insurance providers who offer Give Back plans often offset the cost of the premium reductions by reducing coverage included in those plans. There can also be hidden fees.
- The coverage amounts the plan offers, including coverage for extras like vision, dental and prescription drugs
- The quality of care its network can provide (for example, offering a smaller network)
- How many in-network providers are in your area
- Any deductibles or copays you will be responsible for
It’s a good idea to compare Medicare Advantage plans before signing up for one. If you’re not sure which plan is right for you, ask a licensed advisor for help. Avoid making a decision based solely on the Give Back benefit. Be sure to look at the pros and cons of Medicare Advantage plans before making a choice.
Frequently Asked Questions About the Medicare Give Back Benefit
Editor Samantha Connell contributed to this article.
7 Cited Research Articles
- Centers for Medicare & Medicaid Services. (2022, July). Understanding Medicare Advantage Plans. Retrieved from https://www.medicare.gov/Pubs/pdf/12026-Understanding-Medicare-Advantage-Plans.pdf
- Bunis, D. (2021, November 15). Medicare Part B Premium Increase for 2022 Largest Ever. Retrieved from https://www.aarp.org/health/medicare-insurance/info-2021/part-b-premiums-increase.html
- Mekler, J. (2020, December 14). The Medicare Part B Premium Give Back. Retrieved from https://www.ncnewsonline.com/news/lifestyles/column-byjoel-mekler-the-medicare-part-b-premium-give-back/https://www.ncnewsonline.com/news/lifestyles/column-byjoel-mekler-the-medicare-part-b-premium-give-back/article_4c10f2d1-a459-5ec3-991e-785b9632df5c.htmlarticle_4c10f2d1-a459-5ec3-991e-785b9632df5c.html
- Association of Mature American Citizens. (2020, November 25). Part B Premium Reduction Give Back Plans. Retrieved from https://socialsecurityreport.org/part-b-premium-reduction-give-back-plans/
- Omdahl, D. (2020, November 24). Got Questions About the Medicare Giveback Benefit? Here Are Some Answers. Retrieved from https://www.forbes.com/sites/dianeomdahl/2020/11/24/got-questions-about-the-medicare-giveback-benefit-here-are-some-answers/
- Medicare.gov. (n.d.). Explore Your Medicare Coverage Options. Retrieved from https://www.medicare.gov/plan-compare/
- Medicare.gov. (n.d.). How To Compare Medigap Policies. Retrieved from https://www.medicare.gov/supplements-other-insurance/how-to-compare-medigap-policies
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