What is the Part B Giveback?

 

The Medicare Part B giveback is a benefit offered by some Medicare Advantage plans that reduces the monthly premium for Part B. The amount of the giveback can range from 10 cents to the full Part B premium cost, which is $164.90 in 2023.

To qualify for the Medicare Part B giveback, you must:

• Be enrolled in a Medicare Advantage plan that offers the benefit.
• Pay your Part B premium through Social Security.
• Not have any other Medicare Part B premium reductions, such as the Extra Help program.

The Medicare Part B giveback is paid directly to you, either as a credit on your Social Security check or as a reduction in your monthly premium.

For example, if you are enrolled in a Medicare Advantage plan with a $50 giveback and you pay your Part B premium through Social Security, the amount deducted from your Social Security check will be reduced by $50. This will increase your Social Security check by $50.

If you do not pay your Part B premium through Social Security, you will receive a check from your Medicare Advantage plan for the amount of the giveback.

The Medicare Part B giveback is a great way to save money on your Medicare premiums. If you are considering enrolling in a Medicare Advantage plan, be sure to ask about the giveback benefit.

Here are some additional things to keep in mind about the Medicare Part B giveback:

• The amount of the giveback may vary depending on the plan and the area where you live.
• The giveback is not guaranteed. The plan may change the amount of the giveback or even eliminate it altogether.
• The giveback is not taxable income.

To see if you may qualify for the Part B Giveback fill out the Permission To Contact form and a licensed agent will be in contact.