Medicare Part B, also known as Medical Insurance, comes with monthly premiums that can be a significant financial burden.

That’s where the Medicare Part B Giveback Benefit comes in – a premium reduction offered to people with Medicare Advantage plans who live in the county where Part B Giveback is offered. 

If you’re enrolled in a Medicare Advantage plan, there’s a good chance you’re eligible for the Medicare Part B Give Back Benefit. In this article, we will discuss what the Medicare Part B Give Back Benefit is, who is eligible for it, how it works and lots more.

What is the Medicare Giveback Benefit?

The Medicare Giveback Benefit is a Part B premium reduction benefit offered by some Medicare Advantage (Part C) plans. If you enroll in a Medicare Advantage plan with this benefit, the plan insurer will pay some or all of your Part B monthly premium. The amount covered can range from 10 cents to the full Part B premium cost ($174.70 in 2024).

What Medicare Advantage plans have the Giveback Benefit?

While the Medicare Part B Giveback Benefit can be a great way for individuals with limited income and resources to save money on their monthly premiums, not all Medicare Advantage Plans offer it.

Each plan has specific rules for how the benefit is applied and what services or expenses are covered. It’s best to review the plans to see if the Give Back Benefit is included and to understand the specific details of the benefit for that plan.

It’s also important to consider other factors when choosing a Medicare Advantage plan, such as its network of providers, drug coverage, and overall cost.

Is the Medicare Giveback Benefit the same as the Medicare Part B Premium Reduction?

Yes, the Medicare Give Back Benefit and the Medicare Part B Premium Reduction refer to the same benefit. They are commonly used to describe the Medicare Giveback program.

Medicare Giveback Benefit qualifications: how can you qualify for the Part B Giveback Benefit?

These are the requirements to qualify for the Part B Giveback Benefit:

1. First and foremost, ensure that you are enrolled in Original Medicare (Medicare Part A and Part B), a prerequisite for the Part B Giveback Benefit.

2. Another requisite of Medicare Giveback benefit qualification is that your Part B premium is not currently covered by another state or local program. In other words, you must pay your own Part B premium.

3. You have to live in the zip code service area of a plan that offers the Part B Giveback program.

4. Finally, you need to enroll in a Medicare Advantage plan that provides the Part B Giveback benefit.

How does the Medicare Part B Giveback Benefit work?

Once you enroll in a Medicare Advantage plan that provides the Part B Giveback Benefit, you will receive financial assistance with your monthly Part B premiums. Medicare Part B Give Back Plans work directly with Social Security, so you will not receive checks directly from your Medicare Advantage plan carrier. Instead, you could get your Part B reduction in two ways:

1. If you pay your Part B premium through Social Security, the Part B Giveback will be credited monthly to your Social Security check, or

2. If you don’t pay your Part B premium through Social Security, you’ll pay a reduced monthly amount directly to Medicare.

If you switched to a plan with a giveback, it could take a couple of months for the reimbursement to kick in. But when it starts, you should be reimbursed for each month you didn’t experience the premium reduction after you joined the new plan.

Eligible Medicare Giveback Benefit zip codes

Generally, all zip codes are eligible for the Medicare Part B Giveback. However, this benefit is not really determined by zip code – it is rather plan-specific.

If you are wondering whether your zip code has any Medicare Advantage plans with a Medicare Part B Giveback Benefit, unfortunately there is no readily available list or search tool that you can use to find them.

The only way to find out is to use a plan finder and go to the summary of benefits or evidence of coverage of a plan that interest you. Look for a section that says “Part B premium reduction” or “Part B premium giveback”. In this section you can find how much of a reduction you would receive from that specific plan. However, if you cannot locate this section, there is a high chance that the plan does not include this benefit. But you can still contact a licensed Medicare agent to receive assistance.

Should I switch to a Medicare Advantage with Giveback?

The idea of getting what effectively is a Part B premium reimbursement can be very appealing. However, it is highly recommended to consider additional factors before switching from your current plan to a Medicare Advantage plan with a Part B giveback:

• Expected Cost (includes deductible, copayments and maximum out-of-pocket),
• Coverage (includes provider network, prescription drugs, pharmacies, etc)
• Extra benefits (includes additional services not covered by Original Medicare such as vision, dental, hearing, fitness, etc.)
• Quality (this can be assessed by the CMS 5-start rating of your plan, and most importantly by your own experience)

Final thoughts

The Medicare Part B Giveback Benefit is an excellent program for qualified Medicare beneficiaries that can help reduce the financial burden of healthcare costs. This benefit is available to all zip codes in the United States and helps eligible individuals lower their monthly premiums and make healthcare more affordable.

If you struggle to keep up with your Part B premium payments, check your eligibility today to see if you qualify and take advantage of the Medicare Part B Giveback Benefit. You can save money on your healthcare costs!

Article updated on January 22, 2024.