This has to be the #1 question that I get asked when I sit down with clients to talk about their Medicare options. Most of them have seen the commercials with Joe Namath and other celebrities who claim to have received all or a portion of their Medicare part B premium back each month. Usually, the very next question that is asked is “How do I qualify for this?” These are good questions, and I will address them as the answer a bit more complex than the commercials suggest. I will also address other important questions regarding this benefit and if you are able to take advantage of it.
What is the Part B Premium?
For 2021, Medicare has increased the Part B monthly premium to $148.50. If you are new to Medicare this year, Part B is the portion of Medicare that covers your doctor visits, test/lab work, outpatient care, home health services, durable medical equipment, and other medical services you may need. This monthly premium is typically taken directly out of your social security check.
How do I know if I qualify for the giveback?
The “giveback” that is being offered is up to $144/month. The qualifications for this benefit are straight forward. They are as follows:
· Be a Medicare beneficiary enrolled in Part A and Part B,
· Be responsible for paying the Part B premium, and
· Live in a service area of a plan that has chosen to participate in this program.
That last bullet point is important because the “giveback” benefit is not offered in every county or by every plan. For example, Cook County is the largest county here in Illinois. Of the 67 Medicare Advantage plans offered in Cook county, only 6 offer a Part B reduction/give back. However, none of those 6 offer the full $144 give back. The giveback benefits in these plans range from $25 to $75 reduced from your Part B monthly premium.
So how do I get the give back?
For you to be able to take advantage of this benefit, we first need to look at the county that you live in. We would have to find out what are the insurance companies and plans available there and then check to see if any are offering a plan with a Part B give back. As I mentioned earlier, this benefit is not offered by every company or by every plan so there is a bit of research involved in finding out what is available to you.
Be Careful
You should be careful of these 800 numbers asking for you to call them to see if you qualify.
Soe Ask that you share information that you may or may not feel comfortable sharing. If possible, I recommend reaching out to a local Medicare Insurance Specialist and/or researching reputable insurance brokers in your area who specialize in this area.
MR Insurance Solutions
If you need assistance with finding out if you are in an area where you can take advantage of this benefit, I would be more than happy to serve you. I offer completely free consultations and help walk clients through the maze of Medicare. I serve clients in Illinois, Indiana, Texas, Georgia, Michigan, and West Virginia. You can set up an appointment with me to meet in person, over the phone, or via zoom at www.mikericesolutions.com or you may call me directly at (331) 213-0512.