Have you heard a friend or a TV commercial claiming you can get money back for your Medicare Part B premiums? Sound too good to be true? Well, it's not! However, there are guidelines for who and what type of medicare plans are qualified for this type of benefit. At Twin City Underwriters, we work with individuals every day who are eligible for these types of benefits without even knowing it. In this article, we'll highlight what the Medicare Part B giveback is, who qualifies and how you can get help enrolling into a plan with this feature if it's right for you.
What is the Medicare Part B Giveback Benefit?
The Medicare Part B Giveback Benefit provides eligible individuals with a partial or full refund of their monthly Medicare Part B premium costs. The Medicare Part B Giveback benefit may be referred to in various ways, such as a Medicare Part B reduction or premium giveback. Essentially, this benefit can lower out-of-pocket Medicare expenses and help make Medicare coverage more affordable. The refund amount will vary from plan to plan, with some potentially covering the full Part B premium amount. However, the monthly refund amount typically will vary between $10 and $100.
You might also be interested in: How Can Medicare Advantage Plans Have No Premium Cost?
Who Qualifies for the Medicare Part B Giveback?
In order to qualify for the Medicare Part B Giveback Benefit, you need to:
The Part B Giveback may not be available in all states and counties, so just know that these types of plans may not be offered in your location.
How Do I Sign Up for a Plan with Medicare Part B Reduction?
To sign up for a plan with Medicare Part B giveback, you need to be enrolled in Medicare Parts A and B, continue paying your Part B premium, and live in a state or county that has plans that offer this benefit. If all of these requirements are met, you can sign up for one of these plan options. Even still, it's important to take time to understand the plan, all the benefits and research all of your available options before deciding which is best for you.
Will These Medicare Plans Work for You?
When there are dozens of different Medicare plans available, it can be overwhelming to know which one is ideal for your personal needs. Working with a trusted insurance broker, such as the team at Twin City Underwriters, can make the process easier. We know the ins and outs of Medicare and are passionate about educating seniors so they can feel confident and empowered when making Medicare coverage decisions.
Reach out to get started today.
Choosing a Medicare plan can be difficult. Twin City Underwriters helps Medicare recipients in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa and Florida find the Medicare plan that meets their unique needs. Schedule a one-on-one meeting with one of our Medicare insurance brokers to get your questions answered!
Do you need help with Medicare, insurance and health plans? Explore your options with Allina Health Aetna, BlueCross BlueShield of Minnesota, Medica, UCare, United HealthCare and more. We work with you to find the best plan for your needs and budget. Contact us today to get started.
