Don’t miss out on Medicare Part B Giveback: a guide to Part B Premium Reduction plans

Medicare Part B, also known as medical insurance, comes with a monthly premium. It can be a financial burden for some people.

That’s where the Medicare Part B Giveback Benefit comes in. It’s a premium reduction offered to people with Medicare Advantage plans who live in the county where benefit is offered. 

If an individual enrolls in an MA plan, they may be eligible for the Medicare Part B Give Back Benefit. In this article, we cover what the Medicare Part B Give Back Benefit is. And who’s eligible for it and how it works.

What is the Medicare Giveback Benefit?

The Medicare Giveback Benefit is a Part B premium reduction benefit offered by some Medicare Advantage (Part C) plans. If enrolled in an MA plan with the benefit, the plan insurer pays part or all of the Part B monthly premium. The amount covered can range from 10 cents to the full Part B premium cost ($174.70 in 2024).

What Medicare Advantage (MA) plans have the Giveback Benefit?

The Medicare Part B Giveback Benefit is a great way for individuals with limited income and resources to save money. But not all MA plans offer it.

Each MA plan has specific rules for how the benefit applies and what services or expenses they cover. It’s best to review plans to see if the Give Back Benefit is included. And to understand the benefit details for an MA plan.

It’s also important to consider other factors when choosing an MA plan, such as its provider network, drug coverage, and overall cost.

Is the Medicare Giveback Benefit the same as the Medicare Part B Premium Reduction?

Yes, the Medicare Give Back Benefit and the Medicare Part B Premium Reduction refer to the same benefit. They commonly describe the Medicare Giveback program.

Who’s eligible for the Medicare Part B premium reduction?

Below are the requirements to qualify.

1. Enrollment in Original Medicare (both Medicare Part A and Part B).
2. Person pays own Part B premium. Another state or local program can’t be paying it.
3. Live in the service area of a Medicare Advantage (Part C) plan that offers the Part B giveback.

How does the Medicare Part B Giveback Benefit work?

Once enrolled in an MA plan that provides the Part B Giveback Benefit, the member receives financial assistance with their monthly Part B premium. Part B Give Back plans work directly with Social Security. Enrollees do not receive checks from their Medicare Advantage plan carrier. Instead, they get their Part B reduction in one of two ways.

1. If the member pays the Part B premium through Social Security, their monthly Social Security check is more based on the plan’s giveback amount.
2. If the member does not pay the Part B premium through Social Security, the member pays a reduced monthly amount directly to Medicare.

If an individual switches to a plan with a giveback, it may take a few months for the giveback to kick in. When it starts, the member gets reimbursement for each month they didn’t receive the premium reduction after joining the new plan.

Eligible Medicare Giveback Benefit zip codes

The Part B Giveback may not be available in certain states and counties. This means a Medicare Advantage plan offering this benefit may not be available in all locations.

Currently there’s no available list or search tool to see whether a zip code has MA plans with a Part B Giveback Benefit.

The only way to find out is by using our plan finder. Go to the Summary of Benefits or Evidence of Coverage documents for plans of interest. Look for a section that shows, “Part B premium reduction” or “Part B premium giveback.” It lists how much of a reduction a plan gives. If the information isn’t in the section, there's a good chance the plan doesn’t offer the benefit. A licensed Medicare insurance agent is also a reliable source for help.

Should I switch to a Medicare Advantage with Giveback?

The idea of getting a Part B premium monthly reimbursement is appealing. However, we recommend considering other factors before switching plans.

• Expected Cost (includes deductible, copayments and maximum out-of-pocket)
• Coverage (includes provider network, prescription drugs, pharmacies, etc.)
• Added benefits (includes added services not covered by Original Medicare such as vision, dental, hearing, fitness, etc.)
• Quality (review the CMS 5-star rating of a plan, and by member’s own experience)

Final thoughts

The Medicare Part B Giveback Benefit is a Part B premium reduction benefit. Some Medicare Advantage (Part C) plans may offer the benefit. Enrollment in an MA plan with the giveback means the plan carrier pays part or all of the Medicare Part B monthly premium.

If you find yourself struggling with the Part B premium payments, check Medicare Advantage plans in your area. If the Part B premium reduction is available, you may be able to save some money.