A Medicare Part B “Give Back” is a benefit offered by certain Medicare Advantage plans that literally puts money back into your Social Security check. This extra benefit has been advertised all over TV, but it sounds too good to be true.
In this article, we explain how it works, whether there are any downsides, and where to find a give back plan in your area.
What is the Medicare Part B Give Back?
The Medicare Part B Give Back is an extra benefit on available on some Medicare Advantage plans that gives you a refund of all or part of your Medicare Part B premium. Also known as Part B premium reduction, this amount can range from under $1 up to the full amount of your Part B premium ($164.90 in 2023).
Who is Eligible for the Part B Give Back?
In order to be eligible for the Give Back, you must meet the following requirements:
- Have Original Medicare (Parts A and B)
- Be enrolled in a Medicare Advantage plan with the Giveback benefit
- Be paying for your own Part B premium
How is the Part B Give Back Paid?
How you receive the Part B give back money depends on what method you are using to pay for Medicare Part B premiums.
- Social Security – If you pay for Part B through Social Security, your Give Back will appear as a credit on your Social Security check.
- Paper Bill – If you receive a quarterly paper bill, your bill will be lowered by the amount of the Give Back benefit.
- Monthly Bank Draft – If you have automatic bank drafts set up with Medicare Easy Pay, you will see the amount taken decrease by the amount of the Give Back.
Warning: It can take Social Security between 1 to 3 months to update and start your Part B Give Back payment.
What's the Catch?
The only catch is that Medicare Advantage companies only get so much money to provide you healthcare benefits. So, the money they give back to you has to come from somewhere else in your plan. This could mean more cost sharing or fewer extra benefits.
Also, remember that Medicare Advantage plan benefits change every calendar year. If you signed up for a plan specifically for the Give Back, make sure that you confirm it continues to offer a Give Back when you receive your Annual Notice of Change letter in the fall.
FAQs
Yes, but it is only available on Medicare Advantage plans in certain areas of the country. Check with an expert (like us!) to see if a Give Back plan is offered in your area.
In order to qualify for your Medicare Part B premium “given back”, you must be enrolled in a Medicare Advantage plan that offers that benefit.
The Give Back benefit is a type of Medicare Advantage plan benefit that refunds you part (or all) of your Medicare Part B premium.
Since most people have their Part B deducted from their Social Security check, you will notice a bump in your Social Security payment when the Give Back kicks in.
