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What Are Medicare Part B Give Back Plans?

With Part B premiums on the rise, many people are looking for ways to lower their Medicare premiums and save money on healthcare costs. One way to do this is by enrolling in a Medicare Part B give back plan. 

Part B give back plans aren’t for everyone, but if you’re desperately needing to save money on your Medicare premiums, they may be a great fit for you. Today, we’re going to discuss what give back plans are and how to assess the give back plans in your area.

What Is a Medicare Give Back Plan?

Any give back plan you see on the market today is a Medicare Advantage plan. Not all Medicare Advantage (Part C) plans have this benefit, but you may find some in your area that are offering it.

Simply put, a Part B give back plan is a Medicare Advantage plans with a premium reduction benefit. You may also hear them referred to as Medicare buyback plans or premium reduction plans. The giveback benefit reduces your monthly Part B premium. For example, a plan may offer a $100 Part B give back. This means that your Part B premium would be reduced by $100.

You do not get $100 added to your Social Security benefits each month. Instead, the Medicare program will reduce your Part B premium with a credit. This year, the standard Part B premium is $164.90. If you found that same plan with a $100 give back benefit, Social Security would only deduct a total of $64.90 from your Social Security check.

Medicare Advantage give back plans work the same way as all other Medicare Advantage plans. The only thing that separates them is the give back benefit. Not all plans will advertise this in the name of the plan. You’ll need to read the summary of benefits to find out if the premium reduction is included in the plan.

giveback written on wood blocks

Considerations for Part B Give Back Plans

You should never enroll in a plan based on one benefit, and the same is true for giveback plans. It’s always best to compare all the costs and coverage amounts of any Medicare plan you’re considering. Extra benefits like the giveback benefit should be thought of as perks, not the reason you enroll.

If a plan has a giveback benefit, it’s likely making up for that benefit in some other way. For example, the plan may not offer any vision or hearing coverage and add the giveback benefit instead. In many cases, giveback plans don’t include prescription drug coverage. And remember, most Medicare Advantage plans do not allow you to simultaneously enroll in a separate Part D plan.

If a Medicare Advantage giveback plan doesn’t include prescription coverage, they’re usually geared toward one type of person: veterans. Veterans who have coverage through VA Healthcare or TRICARE for Life often have prescription drug coverage included in those plans. This means they don’t need drug coverage through Medicare, and a giveback plan without Part D might be a great choice.

Giveback plans aren’t available in every zip code. You may only enroll in Medicare Advantage plans that are available in your residential area. If a giveback benefit isn’t available in your area, one might be coming to you soon. There are currently more than 2,800 counties in the United States offering the giveback option, and we expect to see this number rise next year.

Frequently Asked Questions

Let’s run through a few of the questions we get asked most often about Medicare Advantage giveback plans.

Is there an income requirement for the Part B give back benefit?

Not in this case. Income requirements are reserved for Medicaid recipients. There is a certain kind of Medicare Advantage plan called a Dual Special Needs Plan or D-SNP. These plans have requirements based on your income and assets. Most people who qualify for a D-SNP do not have to pay the Part B premium. If you get financial assistance for your Part B premium, you are not eligible for a give back plan.

How much will I save with a Medicare Advantage giveback plan?

The premium reduction benefit varies by plan. We’ve seen some as little at $0.10 per month! And we’ve seen others that take care of the full Part B premium. Remember, these benefits usually change each year, so the benefit amount could go up or down from one year to the next.

Find a Medicare Advantage Giveback Plan

Instead of reading through every plan’s benefits, you can find a Part B giveback plan by calling Local Medicare Specialists. We’ll set you up with a Medicare advisor near you who will know the ins and outs of the plans in your area. They’ll be able to tell you about any giveback plans and whether or not you qualify.

There is no cost to work with Local Medicare Specialists. Our independent insurance agents will take the time to get to know you and learn more about what you’re looking for in a Medicare plan. We offer personalized advice and tailored recommendations. Don’t wait any longer to get the Medicare benefits you deserve. Find a local insurance agent near you.

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We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area which are United Healthcare, Aetna, Humana, Cigna, Blue Cross Blue Shield of Arizona, Centene, Devoted, and Scan. Please contact, 1-800-MEDICARE, or your local State Health Insurance Program to get information on all of your options.

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