The Medicare Giveback Benefit is a Part B premium reduction offered by some Medicare Part C (Medicare Advantage) plans. If you enroll in a Medicare Advantage plan with this benefit, the plan carrier will pay some or all of your Part B monthly premium.
The summary of benefits (SB) or evidence of coverage (EOC) of a plan that offers a giveback benefit will outline the Part B premium buy-down.
Your premium amount will be reduced, but you won’t be reimbursed. Because less is being taken out for the premiums, your Social Security payments will be higher than they were before. It may take up to 3 months for Social Security to process your premium rebate. Once that time has passed, the amount of your check will increase.
How to find plans that offer the giveback benefit:
– To take advantage of the savings opportunity, you must find a MA plan that offers this benefit.
– To enroll in an MA plan, you must live within its service area.
This means you may have a limited number of options, or the reduction program may not be offered by plans in your area.
You can use Medicare’s Plan Finder to find plans in your area that offer the giveback benefit.