With Medicare Part B premiums rising in 2022, you may want to look for ways to save money and lower your premiums on your Medicare costs. New Medicare Advantage giveback plans do just that…give back! They give back a portion of your Part B premium.
A Medicare Part B giveback plan is a Medicare Advantage plan with a reduction in your premium benefit. These plans are sometimes called giveback plans, premium reduction plans, or Medicare buyback plans.
However, only specific Medicare Advantage plans offer the “give back” benefit, which isn’t available everywhere. You will see a higher dollar amount on your Social Security Check with this benefit!
The Part B Premium Reduction Plan is the same as the Give Back Benefit in Medicare.
Part B premium reduction does just what it says. You enroll in the policy and the carrier pays either the whole or part of the premium for your outpatient coverage. In the evidence of coverage or the summary of benefits portion of your policy, a section states “Part B Premium Buy-Down .” This is where it tells you how much you get as a reduction. But, you can also call Senior Healthcare Advisors at 888-809-1463 | TTY 711, and we can tell you about the coverage.
You must enroll in Part A and Part B to get a Part B premium reduction plan. You also cannot be receiving any government assistance that already pays part of your Part B premium.
So, what are you going to spend your giveback money on? Here are some suggestions:
Seniors are embracing technology these days more than ever. There are so many smart devices available now that are relatively inexpensive. Most have screen magnification and talk-to-text features. You can wear high-tech items on your body that monitor everything from how many steps you take in a day to your blood pressure and pulse.
As more older adults gain access to smart devices, their opportunities to connect t
o family members and loved ones and visit social media sites where seniors are now meeting others with similar interests are growing by leaps and bounds. One study from Michigan State University revealed that seniors who used smart devices and other online technologies had far fewer symptoms of depression than those who did not use any smart devices.