Over half of Medicare Advantage plans have $0 premiums. When you enroll in one of these plans, you pay the premium for Part B and the Advantage plan.
Some of these plans with $0 premiums go further and offer “giveback” rebates. These rebate the enrollees’ Part B premiums. While most Advantage plans do not provide this giveback rebate, this has become more popular and widespread lately. This is marketed as a stand-out benefit by Medicare Advantage plans.
This rebate can be utilized by people in these scenarios:
– If you receive Social Security retirement benefits and enroll in an Advantage plan with a giveback rebate. In that case, the amount deducted from your check to cover the cost of Part B will be lower.
– If you pay your premiums directly to Medicare, you’ll be invoiced a smaller amount.