You've likely seen commercials for the Medicare give back program, which is also known as the buyback benefit – some commercials even refer to it as a Medicare reimbursement plan. Yet, this benefit actually isn't a reimbursement at all, but a reduction. In this video, we'll explain what you need to know about the Part B premium reduction benefit that's available with some Medicare Advantage plans.

The Part B reduction plan is, well, just as it sounds. You enroll in a Medicare Advantage plan, and the carrier pays either part or your entire Part B premium. In the summary of benefits or evidence of coverage, you'll see a section that mentions the Part B premium buy-down. This is where you can see how much of a reduction you're going to get. This benefit is also referred to as the giveback benefit.

The giveback benefit has become very common across all states and is now available in the majority of areas. However, there are some ZIP Codes that do not offer this benefit in their Medicare Advantage plans.

Many carriers, both large and small, offer a Part B premium reduction plan. These include Humana, Cigna, Aetna, and many more. Carrier coverage depends on your county and ZIP Code. You should always consider the plan ratings before you enroll.

The Part B premium reduction plan only participates with Social Security. You won't receive any checks directly from the carrier. Anyone enrolled in Medicaid or another form of assistance helping to pay for their Part B premium will not be eligible to enroll in a Medicare Advantage plan with this benefit.

Most pay their Part B premium through their Social Security check. If your Part B premium currently comes out of your Social Security check, you'll see the reduced amount reimbursed in your check. If you're not paying your Part B premium through your Social Security, then you'll have to pay Medicare directly the reduced amount. If you pay Medicare directly anything over the benefit amount, your carrier will not send you a check to reimburse you; it is a reduction, not a reimbursement.

The amount you get back can range from 10¢ up to the entire Part B premium amount so you pay nothing. This amount depends on your area.

Part B Reduction Plan Eligibility
• You must be enrolled in both Part A and Part B of Original Medicare
• You must not be accepting any government assistance that currently helps you pay your Part B premium
• If you don't qualify for a Part B premium reduction plan, there are many other options available to you

It's important to know that a Medicare Advantage plan is not the best option for everyone. As great as it is to have your Part B premium reduced to save you money in your Social Security check, you might find that if you visit the doctor's office often, you could pay more out-of-pocket than you initially expected. Before you enroll in a plan, be sure to weigh out the pros and cons of Medicare Advantage and Medicare Supplements.

Thank you so much for taking the time to watch this video. If you have any questions, please leave them in the comments section below or give us a call.

Resources:
- https://www.medicarefaq.com/faqs/medicare-part-b-give-back-plan/
- https://www.medicarefaq.com/faqs/pre-enrollment-medicare-advantage-checklist/
- https://www.medicarefaq.com/faqs/medicare-advantage-open-enrollment-period/
- https://www.medicarefaq.com/faqs/medicare-annual-enrollment-period/

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