Medicare Give Back Plans Explained
Thursday, June 2nd, 2022
Helping You to Understand Medicare Give Back
There are pros and cons of Medicare give back plans that will be helpful for you to know. Simplified, choosing the basic Medicare Parts A and B coverage, and sometimes Part C, that has a giveback plan will offer savings to some extent. But there are other things to consider before making your decision.
What Is Medicare Give Back?
Some insurance companies offer a discount to Medicare Advantage recipients who have Parts A and B. Part A is the hospitalization portion. Part B is the part of your insurance that covers doctor’s office visits, outpatient visits, and visits to clinics.
Who Qualifies?
In order to receive a discount on your Medicare premium, you need to have Medicare Part A and B, and you need to be paying the premium out-of-pocket. If your state or any other entity pays the premium for you, you do not qualify. The giveback can sometimes apply to Part B and Part C, depending on your insurance carrier. You also need to live in one of the states that offers Medicare give back plans. Medicare Insurance Advisors can help you determine if you qualify.
Pros and Cons
The benefits of Medicare give back plans include:
- Eligible Medicare recipients receive a discount without having to do anything extra.
- You might be eligible for a higher discount by changing carriers during the open enrollment period each year.
- Your discount will show up as more on your Social Security check or a discounted premium.
- You could receive a discount of up to approximately $145.00.
The cons of Medicare give back plans include:
- Only Medicare recipients in certain states are eligible.
- The discount you receive could be as little as a dollar or less.
- You are required to be enrolled in Medicare Advantage to be eligible.
- Your insurance provider determines the amount of your discount based on your deductible, premium, and the services you receive.
Can My Eligibility Change?
Yes. If you change your Medicare coverage to a qualifying plan, if you are paying your own premium out-of-pocket, and/or if you move to a state that offers Medicare give back plans you could become eligible. Your situation could also change so that you become no longer eligible if you were in the first place.
Is Medicare Give Back Worth the Hassle?
Your personal situation is the deciding factor on this. You don’t need to do anything extra to qualify. Asking your insurance provider if you fit the criteria is all you need to do. Based on the three main guidelines, they likely be able to tell you right away.
Call us today at Medicare Insurance Advisors for help understanding Medicare Give Back Plans. We want to help you make the best decisions for your situation.