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The Medicare Give Back benefit is also known as your Part B monthly premium reduction, Part B premium reduction, or the Part B giveback benefit.
The Medicare Give Back benefit has been around since 2003.
In order to receive the Part B give back benefit, you’ll need to be enrolled in a Medicare Advantage plan.
Your current location plays a big role in whether or not you receive the Medicare Give Back benefit.
If you’re new to Medicare, you may still be trying to learn the ins and outs of the program. Even just learning what the program will or will not cover can feel like a Herculean task at times! You may not realize just yet that you can receive a reduction on the premium that you pay for Medicare Part B.
In an age of rising costs, it’s important to save money where you can. The Medicare Give Back benefit exists for that reason exactly. Depending on where you live, the Medicare Give Back program can save you a fair amount of money. It does this by shaving a little bit off of what you pay for Part B.
It’s important to note that not everyone will have access to the Medicare Give Back benefit. The program has certain limitations, including your location, as we mentioned above. Today, we’re going to answer the question of “What is the Medicare Give Back benefit?” while discussing the limitations of the program.
Up until the year 2020, the Medicare Give Back program was probably the Medicare program’s best-kept open secret. Relatively few knew that there was a program that offered a Part B give back benefit for monthly premiums. As many began trying to find ways to save on their health insurance costs in the wake of COVID-19, the Medicare Give Back program became more popular than ever.
This benefit is far from a new thing. The program first appeared in 2003 when federal regulations allowed holders of Medicare+Choice plans – which are now known as Medicare Advantage plans – to receive reductions in the amounts they paid for Medicare Part B. Thus, the Medicare Give Back program was born.
Contrary to popular belief, the Medicare Give Back program is not an official government program, so it doesn’t have much to do with your social security checks. It’s just a name for a Medicare Part B Give Back benefit that’s offered with certain Medicare Advantage plans.
Because it isn’t a federal program, not all providers of Medicare Advantage plans are required to offer Medicare Part B Give Back benefits. Think of these “give backs” as a perk offered to you depending on who you choose and where you live.
In order to receive the Give Back benefit, you’ll need to meet certain requirements. Some of the requirements that you’ll have to meet before you can receive the benefit include:
Being able to participate in the Medicare Give Back program is heavily dependent on where you live. Medicare Give Back benefit zip codes actually participating in the program are relatively few and far between. In order to learn whether or not a Medicare Advantage plan provider in your area participates in the Medicare Give Back program, you’ll want to search for the Medicare Give Back benefit by zip code.
Like anything in life, this benefit isn’t set in stone once you receive it. Private insurers must follow Medicare’s rules regarding coverage, but they all have freedom to change the fees they charge for:
This gives them the freedom to offer the Medicare Part B Give Back reduction one year, and then change that policy the next. They can only make this change once a year, on January 1, so be sure to review your plan after January 1 for any changes. This way, if you prefer to keep a Give Back benefit, you can compare plans offering the Medicare Give Back benefit by zip code and make the switch once Open Enrollment starts on October 15.
If you’d like to participate in the Medicare Give Back program, but you currently aren’t enrolled in a Medicare Advantage plan, or you’re enrolled in an Advantage plan that doesn’t participate, always remember that you have options. There are numerous Medicare Give Back benefit zip codes out there, and yours may be one of them.
To see if Medicare Advantage plans in your area offer the benefit, search for the Medicare Give Back benefit by zip code today. You may find a qualifying plan that works for you!
Find a Medicare Advantage plan in your area that works for you. Call us today at (800) 950-0608 to speak with one of our licensed agents.
