It’s no secret that Medicare substantially lowers costs. However, there are premiums, deductibles, copayments, and coinsurance costs to account for. If you’re a Medicare Advantage policyholder, you have Part A (inpatient insurance) and Part B (outpatient insurance) costs in addition to your plan. However, some Medicare Advantage plans offer a way to reduce Part B premium costs through the Medicare Give Back Benefit.
What Does The Medicare Give Back Program Do?
The Medicare Give Back Program reduces Part B premium costs. While a feature of Medicare Advantage, plans vary in how much the Part B premium is reduced. Some will cover a portion of the Part B premium, while others cover all of it.
The Medicare Give Back Program is not an add-on that you pay for separately. It’s a feature of no extra cost, as it’s already part of your Medicare Advantage plan.
What’s The First Step To Getting The Medicare Give Back Benefit?
Since this benefit is a feature with certain Medicare Advantage plans, you need to complete the enrollment process. There are a few enrollment periods during which you can join Medicare Advantage – Initial Enrollment, Special Enrollment, and Annual Enrollment.
The Initial Enrollment Period begins three months before you turn 65 and ends three months after you turn 65. It’s strongly encouraged to join at this time, as you won’t face late enrollment penalties that will permanently make your Part B premiums more expensive.
Suppose you enroll after the Initial Enrollment Period passes. In that case, you’ll need to join Original Medicare (Part A and Part B) during the General Enrollment Period (January 1 – March 31) and then join Medicare Advantage either during the Annual Enrollment Period (October 15 – December 7).
Why Does The Medicare Advantage Give Back Program Require Medicare Advantage?
The Medicare Give Back Program is only available within certain coverage networks. Original Medicare doesn’t have a coverage network. But Medicare Advantage plans typically limit coverage to a network of healthcare providers and facilities. Medicare Advantage is sold by private insurers, which allows certain plans to have perks, including the Medicare Give Back Program.
What If My Medicare Advantage Plan Stops Participating In The Medicare Give Back Program?
Every year, Medicare issues an Annual Notice of Change (ANOC), which arrives by the end of September. Your plan will inform you if it will continue participating in this program.
Suppose your plan no longer offers the Medicare Give Back Program. In that case, you can switch to another Medicare Advantage plan that has it during the Annual Enrollment Period or the Medicare Advantage Open Enrollment Period (January 1 – March 31).
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