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Seniors on Social Security with Medicare Advantage coverage may qualify for the Medicare Give Back Benefit. Here is what you should know.
The maximum benefit for 2022 is $148.50-per-month ($1,782 annually).
Give back benefits are for Medicare Advantage plan participants only.
NOT all Medicare Advantage plans qualify.
Medicare Open Enrollment (October 15 – December 7) is the ideal time to compare your plan and decide it it is the best option for the coming year.
Use the Association’s free online directory to find a Medicare insurance broker who can offer information and compare your options.
Thanks to a deluge of television ads, this may be the first time you’ve heard of the opportunity. But, it’s actually been around for years (since 2003).
There are some 3,500 different Medicare Advantage plans available nationwide. No accurate numbers reflect how many offer the benefit. But experts note that the number could be around 500 to 600. Keep in mind however, that for some plans the bonus can be as little as $0.10 (ten cents) a month. For others it can be the maximum ($148.50-per-month) for 2022.
The Medicare Give Back Benefit is actually a Medicare Part B premium reduction, or buy down.
Only some Medicare Advantage (MA) plans qualify or include the buy down. Simply explained, the federal government (Medicare) pays Advantage plans (insurance companies often) to provide covered care for plan enrollees. Medicare doesn’t pay individual claims; the MA provider covers the cost. The insurance company pays back some of the amount to Medicare. This amount is paid back to you in your Social Security benefit,
Individuals who pay their own Medicare Part B premium can be eligible for the Part B buy down. Those with Medicaid or other forms of assistance that generally pay the Part B premium cannot enroll in one of these plans. Persons with Medicare Supplement or Medigap coverage are not eligible for the Give Back Benefit.
No. There are no income-related criteria you must meet to be eligible for the Give Back.
Yes. Simply call the plan’s Member Services department to have a printed copy of the Annual Notice of Change (ANOC) or Summary of Benefits mailed to you. You likely can download an electronic copy (PDF) of the documents from the plan’s website.
Look for the section that outlines the “Part B Premium Buy Down”.
Social Security does not send a check. The reduction benefit will be reflected in your monthly Social Security benefit.
It can take a few months (2 or 3) for the Give Back to be processed. As a result, you might receive a lump sum amount to for the missed months.
The Association makes available the only national directory listing local Medicare insurance agents. It is free to use and completely private. You enter NO personal information to access (just your Zip Code).
Agents include a description. Look for those who indicate that they sell Medicare Advantage plans.