Who Qualifies for Medicare Part B Giveback Programs?
There are ways to minimize your Medicare Part B payments and save money on your Medicare bills as the premiums rise to $170.10 in 2022. One option is a Medicare Part B giveback plan, which can help you achieve your goal.
Giveback plans are Medigap insurance policies that allow you to cut your monthly rates by giving back some of your Part B benefits in exchange for lower premiums. How much money you save on premiums depends on the type of coverage you have and your location. You must be enrolled in Medicare Part B and have a Medigap policy to be eligible for a Medicare Part B giveback plan. Your Part B benefits must also be willingly surrendered. A Medicare Part B giveback plan’s benefits vary depending on the insurance that you select. All of your Part B benefits may be forfeited under some policies, while others let you preserve a restricted number of benefits under other policies.
Consider the policies in your state before signing up for a Medicare Part B giveback plan. On the Medicare website or by calling various insurance carriers, you can compare premiums and coverage specifics. Sign up for the Senior Source’s email newsletter to stay up to know on the latest developments in your field. The same rules apply to Medicare Advantage plans that include a premium reduction benefit as to those that don’t. If you have a giveback amount in your plan, your monthly premium for Part B will be lowered by that sum. With a plan that gives back $50 per month in benefits for your Part B premium of $170, your monthly premium would be reduced to $120.
With a Medicare Advantage plan with a premium reduction benefit, many Medicare beneficiaries are shocked to learn that they might save money on their monthly costs. If you want to save money on your Medicare expenditures, you need to start looking today.
Sign up for the Senior Source’s email newsletter to stay up to know on the latest developments in your field.
The same rules apply to Medicare Advantage plans that include a premium reduction benefit as to those that don’t. If you have a giveback amount in your plan, your monthly premium for Part B will be lowered by that sum. What if you have $170 to spend on your Part B premium? If so, what would you do?
Part B premiums are paid in full for those on a Medicare giveback plan. That means that not only do you not pay a separate Medicare Advantage premium but your Part B premium is reduced by the giveback amount. As an example, if you have a monthly Part B premium of $170, and your insurance carrier offers a $50 rebate, your monthly cost would be $120.
Choosing a Medicare Advantage plan with a premium-reduction benefit requires careful study in your state. On the Medicare website or by calling various insurance carriers, you can compare premiums and coverage specifics. With a Medicare Advantage plan with a premium reduction benefit, many Medicare beneficiaries are shocked to learn that they might save money on their monthly costs. If you want to save money on your Medicare expenditures, you need to start looking today.
With a Medicare Advantage plan with a premium reduction benefit, many Medicare beneficiaries are shocked to learn that they might save money on their monthly costs. If you want to save money on your Medicare expenditures, you need to start looking today. As a member of the Senior Source, you will receive notifications on Medicare Advantage plan modifications by email.
Depending on the plan you select and where you live, the premium reduction amount can vary greatly. One plan pays all of the Part B payment ($148.50 in 2021) while another gives back just $0.10 each month.
As with other Medicare Advantage plans, Medicare giveback plans and plans with a premium reduction benefit work precisely the same. If you have a giveback amount in your plan, your monthly premium for Part B will be lowered by that sum. For example, if you had a Part B premium of $170 and your insurance company gives you $50 back, your monthly payment would be cut to $120.
As a member of the Senior Source, you will receive notifications on Medicare Advantage plan modifications by email.
A good rule of thumb is to compare the costs and benefits of any Medicare plan you are considering before making a decision. Think of Medicare Advantage’s premium-reduction feature as simply another perk. An insurance policy can be tailored to meet your needs, and it can include this benefit as well.
These additional perks aren’t as frequent in plans that give premium discounts. Premium reduction may need you to give up a benefit you’ve previously enjoyed in order to acquire it.
If you’re saving hundreds of dollars per month on your insurance rates, that may be a minor price to pay.
Contact us at (619) 569-1965 to learn more about Medicare Part B giveback plans and Medicare Advantage plans that include a premium reduction benefit. Whether it’s for your health or your wallet, we are here to help.
