Here at Strive Medicare, we get a lot of questions about Medicare plans that reimburse your Medicare part B premium. Today, we're going to share the secrets on how you can get up to $170.10 back on your social security check back per month.
So, let us start off by reiterating a common misconception, Medicare is not free. Even though you pay into the program while you are still working, there are still plenty of out-of-pocket costs that you, the beneficiary is responsible for, such as premiums, copays, and deductibles. The first of the out pocket costs that most of you will encounter is the part B premium, and that's what we're gonna focus on here. Medicare part B helps cover medically necessary services like doctor services and tests, outpatient care, home healthcare durable medical equipment, and some preventative services. The Medicare part B premium starts at $170.10 per month. It is set by the centers of Medicare and Medicaid on an annual basis. The Medicare Part B give back benefit helps those on Medicare lower or completely cover their monthly part B premium. These advantage plans are sometimes called Medicare buyback plans or Medicare premium reduction plans.These can be a great way to put more money in your pocket each month. You can possibly qualify if you meet certain criteria. In general, to be eligible for the part B reimbursement, you must be enrolled in original Medicare parts A and B, and also pay your own part B premium. You are not eligible if you receive Medicaid or any government assistance that helps pay your part B premium.
Not all Medicare Advantage plans offer Medicare part B monthly premium give back as a benefit, so you'll need to enroll or be enrolled in a plan that offers this benefit. Location is key when it comes to these plans availability. The Medicare Advantage plans that are available may differ according to your zip code. Unfortunately, if you live in an area that does not provide such a plan, there won't be any way for you to receive this benefit.If you are currently enrolled in a Medicare Advantage plan, you can find out if your plan participates by looking at your summary of benefits. If you are not currently enrolled in a Medicare Advantage plan, and are interested in finding a plan that includes that give back, you can call us or submit a request on our website. Now onto how this money gets back into your pocket. It's important to know you won't receive an actual check. Depending on the plan you enroll in and how much of the premium they reimburse, you'll just pay the reduced premium amount from your social security check. So just to recap, while the give-back benefit can help save you money, there are a few things to be aware of when considering enrolling in a Medicare Advantage Plan that offers it. You'll want to check the availability, because these plans may not be available in your area.
Some plans that offer a premium reduction benefit eliminate those other benefits to make up for the lower premium. You should weigh the loss of these benefits with the premium savings that you'd get. It may not save you money in the long run. Plans that offer premium reduction may have higher annual deductibles, co-payments, or co-insurance. They may also have a smaller network of providers, and you'd have to pay more to see someone out of your network. Give-backs do vary, while you could get a premium reduction of the full $170.10, it could also be as low as a dollar. This may not be worth it depending on the other costs and benefits offered or not offered by the plan. The give-back amounts could change. Medicare Advantage plans are offered by private insurance companies that set their own fees and costs, and they can, and usually do change them each year. Will a plan with part B give-back benefits fit your needs? Our license insurance advisors will guide you through your options and help you figure out whether these plans are just right for you. Call 1-800-784-8969 or fill in the form to the right to get in touch with us.