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4 Facts About the Medicare Give Back Benefit

By Kaelyn Johnson, MPH, RD
The Medicare give back benefit is a way to save money on your Medicare Part B monthly premium. Here are a few facts about accessing these savings.

If you're looking to maximize your savings while on Medicare, you may be wondering, what is the Medicare give back benefit? This benefit is not an official Medicare program, but rather a colloquial name for a Medicare Part B premium reduction included in some Medicare Advantage plans. Whether you receive this reduction depends on the conditions of the plan that you choose and a few other factors. Read on for three facts about this benefit. 

You Need to Be Enrolled in a Medicare Advantage Plan

According to the official U.S. government website for Medicare, some Medicare Advantage plans cover part or all of your Medicare Part B monthly premium. In order to enroll in a Medicare Advantage plan, you need to be enrolled in or eligible for both Medicare Part A and B. 

To receive the Medicare give back benefit, you need to enroll in a plan that offers to pay your Part B monthly premium. 

Location Is Key

According to the official U.S. government website for Medicare, the Medicare Advantage plans that are available to you differ according to your zip code. This is because Medicare Advantage plans are offered by private insurance companies who determine the specific service areas of their plans. 

Certain states or regions may offer Medicare Advantage plans that cover some or all of Part B premiums, while others may not. Unfortunately, if you live in an area that does not provide such a plan, you can't take advantage of this benefit. 

Since each plan is different, you will need to check the available plans in your specific location. To look at the Medicare Advantage plans available to you, you can use the Medicare plan finder tool on the official U.S. government website for Medicare.

Your Plan Could Change Its Premiums

The official U.S. government website for Medicare reports that, even though private insurers must follow Medicare's rules for coverage in their Medicare Advantage plans, they each individually set the fees they charge for premiums, deductibles, and services. 

Each private insurer offering Medicare Advantage plans can alter the fees associated with their plans once a year. This means that your plan could offer a reduction in your Part B costs one year, and then change it the next. 

These changes can only take place once a year, on January 1. Be sure to review any alterations to your plan after this date. 

Get started now. 

Interested in learning more about Medicare, Medigap, and Medicare Advantage plans? WebMD Connect to Care Advisors may be able to help.