What is the Part B Premium Reduction Giveback Plan?
When it comes to health insurance, you want a plan that will give you the most coverage for your dollar. The better your plan is, the less you will have to pay for out-of-pocket expenses for ongoing health treatments, medical equipment, and unexpected health needs. Medicare provides Americans with affordable health care and a range of coverage. In fact, customers may receive additional savings benefits depending on the plan you’re enrolled in.
One way to save money is through the Part B premium reduction plan. To find out how this plan is beneficial, start an online search.
Here’s a breakdown of Part B premium reduction plans and how it can help pay for medical care.
About Part B Giveback Plans
If you have a plan under Medicare Part B, you could save a significant amount of money through the premium reduction plan. This is a feature from Medicare Advantage where policyholders can have their carrier pay either partially or entirely for the whole Part B premium. This has also been referred to as the Giveback Benefit.
Medicare FAQ says most people pay the Part B premium through their Social Security check. If that’s the case, then you will see the reduced amounts reimbursed in your check. Those who do not pay through Social Security must directly pay Medicare the reduced amount.
No direct payments are sent to customers by the carrier and the amount you receive back depends on the options available where you live. Some people may be eligible to receive up to $148.50 if their county allows. It can take approximately two or three months to initially receive the benefit. Afterwards, the specific dollar amount will be credited through Social Security on a monthly basis.
The Giveback Plan benefit is available across most of the U.S., though some ZIP codes are still not offered this benefit in their Medicare Advantage plans.
Qualifying for Coverage
Just because you have a Medicare plan does not mean you automatically qualify for the Giveback Plan. Luckily, it’s not difficult to qualify for the premium reduction.
According to Forbes, qualifying individuals must:
- Be a Medicare beneficiary enrolled in Part A and Part B of Original Medicare;
- Be responsible for paying the Part B premium, and;
- Live in a service area of a plan that has chosen to participate in this program.
There are some factors that disqualify you from this benefit. Anyone currently enrolled in Medicaid or other forms of assistance are not eligible. Alternatively, you could technically qualify for the premium but not be eligible based on your county or state.
You can learn whether your ZIP code qualifies by searching online.
Which Companies Offer Part B Premium Reduction?
Another factor that determines whether you can get the Part B premium reduction is your carrier. While not all carriers may participate in the Giveback Program, you may be signed up with one that does.
One provider that can help pay for your Part B premium reduction is Humana. It’s offered to people enrolled in certain Medicare Advantage Programs. They can provide you with coverage from 10 cents to $148.50. You can find out how much you’re eligible for by entering your ZIP code on the Humana website.
In addition to Part B premium reduction, Humana offers other worthwhile incentives. For example, those enrolled under Part D can save money with the Insulin Savings Program. If you’re eligible, you could pay no more than $35 for up to a 30 day supply of insulin.
Other carriers might also be able to pay for your premium reduction, such as Aetna or Cigna. Search online or contact a customer service representative to see if they participate in the Giveback Program.
Learn More About This Coverage Online
The premium reduction plan could potentially cover your entire Part B premium amount. This means you could end up paying nothing for your coverage and save money each month. However, keep in mind that it may not appeal to everyone, which is why you should weigh the pros and cons before enrolling.
Since it is considered a reduction and not a reimbursement, you do not receive the benefit directly. The amount you qualify for will be credited to you through your Social Security check on a monthly basis.
To learn more, start a search online and see if your ZIP code is offered this plan. You can find out what amount you qualify for and save money on your Part B premium going forward.