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How to Save up to $170 on Medicare with the Part B Giveback

Did you know that you can lower your monthly Medicare costs? When you enroll in a Medicare Advantage Plan offering the Part B Giveback Benefit, up to 100% of the premium for your Medicare outpatient coverage will be covered. That’s a savings of up to $170 each month. However, plans with this feature aren’t right for everyone. If you’re wondering how to take advantage of this reduction, or if you should, read on.

What you’ll learn:

What is the Part B Giveback Benefit?Jump to
How Does the Premium Reduction Work?Jump to
Who Offers the Part B Giveback?Jump to
Is the Part B Giveback Too Good to be True?  Jump to

What is the Part B Giveback Benefit?

The Part B Giveback is a Part B premium reduction offered by some Medicare Advantage insurance carriers to help those on Medicare reduce their out-of-pocket spending. While most Medicare beneficiaries qualify for premium-free Part A, they often still pay $170.10 monthly for Part B. For most people, this Part B premium is automatically deducted from their social security checks.

Who qualifies for Part B Givebacks?

You’re eligible for the Part B Giveback if:

  • You’re enrolled in Original Medicare (Parts A and B)
  • You pay your own Part B premium
  • You live in the service area of a Medicare Advantage Plan with this feature

However, you’re not eligible if you receive Medicaid or any other federal help with paying your Part B premium. In addition, the Part B Giveback may not be available in your area. If you have any questions, call a licensed Ensurem agent at the number on this page.

If you’re on Medicaid, or are having trouble paying your Medicare premiums, you may have options. Learn more here.

How Does the Premium Reduction Work?

Though it’s been around nearly 20 years, the Part B Giveback has recently seen gains in popularity given premium increases over time.

Here’s how it works: all insurance carriers offering Medicare Advantage Plans receive payments from the federal government, but some can choose to get fewer funds and use them to lower Part B costs for members. The insurance carrier is responsible for notifying the Centers for Medicare and Medicaid Services as well as the Social Security Administration of their intent to take on the cost.

If your Part B premiums are usually deducted from your Social Security check, your giveback will be paid out in the form of lower deductions. If you usually pay your premiums directly to Medicare, the giveback will be reduced from your typical invoice. Keep in mind that it can take several months to process activation, after which time you’ll get a lump sum covering that time.

NOTE: Despite its name, you aren’t actually receiving money back; however, you will see the reduction on your Social Security check or monthly Medicare invoice.

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Who Offers the Part B Giveback?

As of 2021, Part B Giveback plans are available in 48 U.S. states. There are many insurance carriers across these states that offer the Part B Giveback.

You can use Medicare’s Plan Finder to learn about your specific options, which will vary depending on your location. Look under the Premiums section in the plan details. Here you’ll find out if a particular plan offers a giveback and its exact amount.

Or, you can use our Medicare Advantage quoting tool to compare plans right here.

Is the Part B Giveback Too Good to be True?

The Plan B Giveback is a substantial offering for those who may otherwise struggle to pay their premiums, but is there a downside? You should be aware of a few related issues, including:

  • A possible benefit reduction given that some plans get rid of other benefits such as dental, vision and hearing to make up for the reduced premium
  • The fact that givebacks vary – not everyone gets the full amount (some get as little as a dollar)
  • These plans may not be available at all in your area
  • Carriers can change the giveback amounts from year to year
  • Ultimately the giveback may not save you money given higher copays, coinsurance or a higher annual deductible as well as a smaller provider network

Whether a Medicare Advantage Plan with a giveback is a good choice for you will depend on the other features included in the plan. It’s easy to be attracted by the thought of saving money, but it’s important you base your decision on how the plan will benefit you overall.

Some other things you may want to consider in addition to the Part B Giveback when comparing Medicare Advantage Plans include:

  • Does the plan include prescription drug coverage?
  • Are you comfortable with the annual deductible?
  • Do you feel the premium represents good value?
  • Does the plan include extended coverage for dental, vision, and hearing?
  • What are the initial coverage and out-of-pocket limits?

The Bottom Line

The Part B Giveback is a popular feature you’ll see advertised when shopping for Medicare Advantage Plans. They’re only available with certain plans, though, and these plans may not be the best for your needs.

Wondering whether a Plan B Giveback plan is right for your individual situation? Call a licensed Ensurem agent at the number on this page and we’ll be able to steer you in the right direction. We’re here to help!

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Education is crucial in finding the right Medicare solution for you. With so many Medicare resources out there, it can be difficult finding a source you can trust. That’s why Ensurem has a Compliance Program dedicated to ensuring our Medicare content meets Centers for Medicare & Medicaid Services (CMS) regulations. So, you can rest assured you’re getting the information you need to make the right coverage decisions.

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Denise Austin, 65, Ensurem Ambassador

Best-Selling Author, Creator of Fit Over 50 Magazine

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