Medicare Advantage Give Back Plans

You may have heard about a Medicare Part B reimbursement that comes from special Medicare insurance plans. The Medicare Advantage give back plan reimbursement is meant to help people save money on Medicare, but how does it work and where do you get it?

The reimbursement benefit comes through new Medicare Advantage give back plans. This blog will help you understand exactly how these new plans work and whether or not it is a good idea for you to enroll in one. 

What is the Medicare Part B Give Back Benefit?

These are Medicare Advantage Plans that work just like all of the other Advantage plans do. The “give back” is a benefit in these particular Advantage plans that works to reimburse for some or all of your Part B premiums. Sometimes you will hear these plans called “premium reduction plans” or “Medicare buyback plans.”

What is a Part B Give Back & How Does it Work?

You would use and pay for your Medicare Advantage plan just the same way you would with any Advantage Plan. 

In 2022, the Part B premium is $170.10. If your specific chosen plan has a give back benefit of $100, this will reduce what you pay for your premium to just $70.10 per month. The Social Security office will show this information each month in your benefits summary. 

If you make a payment for your Medicare every month, it works a bit differently. When you receive your statement, it will show as a credit and your monthly bill will be lowered. This is because the insurers work directly with the government agencies to do this. 

How Much Do I Save with a Give Back Benefit? 

The amount you save depends entirely on the plan that you choose. Some plans give back an inconsequential amount, while others pay the full premium. All of these plans vary by county. Some counties will have plans that offer more or less, and there will be plenty of counties that don’t have any give back plans available.  

Because each plan is different, you must be vigilant about checking all of the details and red tape. If you have any questions or concerns, do not be afraid to reach out to a professional for help. Medicare Insurance brokers can help you without charge. 

You should also know that Medicare Advantage plans change every year. Just because the give back benefit was offered this year, does not mean that it will be offered next year. It could also be offered but with a lower amount. Be vigilant about checking the details every year. 

This information will be shown in your plan’s Annual Notice of Change (ANOC) in the fall. If you are unhappy with changes, remember you can always change plans during the Annual Election Period if you need to. 

Is the Medicare Advantage Give Back Benefit Right for Me? 

Anytime you are choosing an insurance plan, it is important to weigh all of the factors and look at the overall cost and the overall coverage. Medicare Advantage plans offer different benefits. 

You should choose the plan that offers the best benefits for you and fits in your budget.

The give back benefit may sound great, but if having a vision or dental benefit means more to you, you might end up needing to weigh your options. 

In order to be able to offer the give back option, many plans sacrifice offering benefits like vision or dental. Be careful when choosing your plan. Make sure you are getting all of the benefits that you think you are. 

After all, if you are only saving a few dollars with the give back plan, but pay a much higher deductible, you may not be actually saving any money at all. It could cost you more every month! Read all of the details of each plan. 

Find Out More About Medicare Advantage Give Back Plans

If you need more information or want help learning about the specific give back plans in your area, contact a Medicare Insurance broker and they can help get you started.