Enrollment and eligibility5 important facts about the Medicare Annual Election Period
If you’ve heard about the Medicare Part B Giveback Benefit, you may have questions about how it works.
Here’s a look at what it is, who’s eligible and more.
What is the Medicare Part B Giveback Benefit?
The Medicare Giveback Benefit is a Part B premium reduction benefit offered by some
Who’s eligible for the Medicare Part B premium reduction?
To be eligible for the Medicare Part B Giveback Benefit, you must:
- Be enrolled Original Medicare (Parts A and B)
- Pay your own Part B premium
- Live in the service area of a plan that offers a Part B giveback
Note: The Part B Giveback is restricted to certain states and counties. Plans may not be available in your area.
How do I get my Medicare Part B premium reimbursement?
You will not receive checks directly from your Medicare Advantage plan carrier. You can get your Part B reduction in 2 ways:
- If you pay your Part B premium through Social Security, the Part B Giveback will be credited monthly to your Social Security check.
- If you don’t pay your Part B premium through Social Security, you’ll pay a reduced monthly amount directly to Medicare.
When will I receive my Medicare Part B reimbursement?
Once you become eligible, the monthly amount will be applied to your Social Security checks or Medicare Part B premium. If you recently switched to a new plan with a giveback, it could take a few months for the reimbursement to start. When it starts, you should be reimbursed for each month you weren’t compensated since joining your new plan.
Is it worth switching to a Medicare Advantage plan with a Part B giveback?
The thought of a Part B reimbursement can be appealing. However, it’s best to consider these factors before switching from your current plan to a Medicare Advantage plan with a Part B giveback:
- Prescription drugs
- Doctor and hospital choice
- Quality of care
If the costs are higher or your coverage is less compared to your current plan, the Part B reimbursement may not be worth it. If cost and coverage are the same or comparable, it could be worth it. To help you choose what’s best for your needs, check out how to compare Medicare Advantage plans.
Frequently asked questions
1. Do Medigap plans offer a Part B premium reduction?
No. Medigap plans, also known as Medicare Supplement insurance plans, don't offer a Part B premium reduction.
2. Is the Medicare Giveback Benefit a type of Medicare Savings Program?
No. The Medicare Giveback Benefit is only available to people enrolled in certain Medicare Advantage plans. Medicare Savings Programs (MSPs) are available to people enrolled in Original Medicare who have limited income and resources.1
Learn more about Medicare
For more helpful information on Medicare, check out these 10 frequently asked questions about Medicare plans.
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