What is the Medicare Part B Giveback Benefit?

You will not receive checks directly from your Medicare Advantage plan carrier. You can get your Part B reduction in 2 ways:

1. If you pay your Part B premium through Social Security, the Part B Giveback will be credited monthly to your Social Security check.
2. If you don’t pay your Part B premium through Social Security, you’ll pay a reduced monthly amount directly to Medicare.

Once you become eligible, the monthly amount will be applied to your Social Security checks or Medicare Part B premium. If you recently switched to a new plan with a giveback, it could take a few months for the reimbursement to start. When it starts, you should be reimbursed for each month you weren’t compensated since joining your new plan.

The thought of a Part B reimbursement can be appealing. However, it’s best to consider these factors before switching from your current plan to a Medicare Advantage plan with a Part B giveback:

• Cost
• Coverage
• Prescription drugs
• Doctor and hospital choice
• Quality of care

If the costs are higher or your coverage is less compared to your current plan, the Part B reimbursement may not be worth it. If cost and coverage are the same or comparable, it could be worth it. To help you choose what’s best for your needs, check out how to compare Medicare Advantage plans.