Why the Medicare Giveback Benefit May Not Be Worth It for You

The Medicare giveback benefit, or Part B premium reduction plan, is becoming more available and popular among beneficiaries. Not an official Medicare program, this benefit is offered by some Medicare Advantage (Part C) plans and covers some or all of your Part B monthly premium.
You may qualify for a premium reduction if you’re enrolled in Part A and Part B, do not rely on government or other assistance for your Part B premium, and live in the service area of a plan that offers this program.
While it may seem enticing to have your Part B monthly premium reduced or eliminated, there are several downsides to the giveback benefit that may not be worth it. Here is some more information about premium reduction plans and things you should consider before enrolling.
Downsides to the Part B premium reduction plan
For example, if you typically pay $148.50 per month, but your Medicare Advantage plan’s giveback is $50, you don’t get $50 back each month. Instead, you’d only pay $98.50 each month. If your plan offers a full $148.50 refund, you simply wouldn’t have a Part B monthly premium to pay.
If the plan’s coverage isn’t what you need, or your doctor isn’t in the plan’s network, you may be paying more than what you’re saving with the giveback program.
Before deciding to enroll in a Medicare Advantage plan, do some research and compare different options available to you. Make sure the benefit of the Part B reduction outweighs any other downsides to enrolling in the plan, and that the plan’s coverage and network works for your needs.
Source: iQuanti, Inc.