What is the Part B Giveback?
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Often called the Give Back Benefit or Part B premium buy-down, some Medicare Advantage insurance companies will refund a portion of your Part B premium each month. You will see this money reflected on your Social Security check or as a credit. You must continue to pay your Part B premiums but will receive the promised amount as a rebate for a portion of the premium cost.
In 2021 there are 160 Medicare Advantage plans offering Part B premium givebacks. One of them might be in your region. As these plans grow in popularity, you can expect that we will see more Medicare Advantage plans offering a reduction for your Medicare Part B premiums.
2021 Part B Premium Costs
Part B premiums in 2021 are $148.50. If you have an income higher than $88,000 as an individual or higher than $176,000 as a married couple, you will owe more to Medicare as an Income Related Monthly Adjustment Amount (IRMAA). You may also pay slightly higher premiums if you enrolled past your initial enrollment period and are subject to a late enrollment penalty.
How Much Do You Get Toward Your Part B Premiums?
Each company offers something different. Even if you have the same HMO as someone else and they are offering a Part B premium giveback, you can expect the rebate to be different if you live in a different county, region, or state. Some plans offer rebates as little as $0.10 and others offer as much as $144.60 each month.
How Long Does it Take To Get Your Part B Rebate?
It takes Social Security between one and three months to process the first rebate you receive from your Medicare Advantage plan. Once you get your first premium rebate payment, the rest of your Social Security checks for the year should reflect the increase.
If you do not receive Social Security and instead pay from a bank account, you will be credited the amount due per the giveback. You will see the credit on your Part B premium statement.
How Can You Find One of These Medicare Advantage Plans?
The help of an experienced agent cannot be understated when it comes to looking for health insurance. You can do some research by utilizing the online plan finder and searching for plans offering a Medicare Part B premium reduction.
You can sign up for a Medicare Advantage plan during the Medicare Advantage Open Enrollment Period from January 1‒March 31, or if you’re already enrolled in a Medicare Advantage plan, you can switch to a different plan during the Annual Enrollment Period from October 15‒December 7.
It’s a good idea to review your plan every year to ensure you have the best coverage available to you. When your plan is up for renewal, look for a Medicare Advantage plan that offers a Part B premium giveback for some savings.
For assistance in finding the perfect health insurance coverage, look to Proinsurance Hawaii. We have the experience and resources to find you the best rates for the coverage you need.
