04/27/2023
Who Is Eligible for Medicare Part B Premium Reimbursement?
In 2023, the standard Medicare Part B monthly premium is $164.90. Beneficiaries also have a $226 deductible, and once they meet the deductible, must typically pay 20% of the Medicare-approved amount for any medical services and supplies.
These Part B costs can add up quickly, which is why many beneficiaries search for a way to lower or be reimbursed for these expenses. The good news is they have options that can help maximize their savings while on Medicare.
The Medicare giveback benefit, or Part B premium reduction plan, is becoming more available and popular among beneficiaries. Medicaid also offers programs that pay your Part B premium if you meet certain qualifications, and some retiree health plans may offer reimbursement benefits.
Read on to learn about Part B savings options that you may be able to take advantage of:
The giveback benefit, or Part B premium reduction, is when a Part C Medicare Advantage (MA) plan reduces the amount you pay toward your Part B monthly premium. Your reimbursement amount could range from less than $1 to the full premium amount, which is $164.90 in 2023.
While you don't technically get money back, you do pay the reduced premium amount, which keeps dollars in your wallet. If your premium comes out of your Social Security check, your premium payment will reflect the lower amount. Please note that it could take the Social Security Administration (SSA) up to 3 months to process your premium rebate. After that time, you'll see an increase in your check amount.
If you don't pay your monthly Medicare Part B premiums through Social Security, the giveback benefit would be credited to your monthly statement. Instead of paying the full $164.90, you'd only pay the amount with the giveback benefit deducted.
For example, if you typically pay $164.90 per month, but your MA plan's giveback benefit is $50, you don't get $50 back each month. Instead, you'd only pay $114.90 per month (the standard Part B premium minus your $50 giveback benefit). If your plan offers a full $164.90 refund, you wouldn't have a Part B monthly premium to pay.
How do I qualify for the Part B premium giveback benefit?
You may qualify for a premium reduction if you:
> Are enrolled in Medicare Part A and Part B
> Do not already receive government or other assistance for your Part B premium
> Live in the zip code service area of a plan that offers this program
> Enroll in an MA plan that provides a giveback benefit
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