What’s the Part B Giveback?

MEDICARE

by Sandra Teel

Medicare insurance broker

Some Medicare insurance companies are offering the new buzz words in Medicare: “Part B Giveback Benefit.” Here’s how it works for 2022 plans: If you are on Medicare and paying your Part B premium, some Medicare insurance companies are offering to pay part of your Part B premium, usually ranging from $50-$125 per month. This money is given directly to Social Security to pay down the Part B premium you owe each month. You will continue to pay the remaining amount owed.

If your Medicare payment is being taken out of your Social Security check each month, you will see a reduced payment for Part B. If you are receiving a quarterly Medicare Part B bill, you will see this giveback benefit reflected in your bill.

People have been bombarded in the past year with celebrityendorsed Medicare ads offering the Part B giveback; however, not all insurance companies are currently offering the Giveback Benefit, and for those that are, people need to make sure their doctors are contracted with those plans before choosing to change.

Anyone with questions or concerns regarding the Giveback Benefit or who are considering changing Medicare plans should contact a reputable broker first. They can help make sure people are on the Medicare plan that best fits their needs and offers all the benefits that are available in their area.

But beware of emails and phone calls from telemarketing companies that claim to be from Medicare or Social Security. Unless a person has called or emailed Medicare or Social Security first, those agencies will not contact anyone by phone.

Sandra Teel is a Medicare insurance broker. She can be reached at (657) 204-4224 or (909) 856-9379.