Medicare Part B is a voluntary outpatient insurance program that helps pay for doctor visits, medical tests, and other healthcare services. You must pay a monthly premium for Part B coverage. However, there are a few ways you may be able to get your Part B premium back.
Medicare Part B Giveback Benefit
Some Medicare Advantage plans offer a benefit called the Medicare Part B Giveback Benefit. This benefit helps lower your Part B premium by a certain amount each month. To be eligible for the Part B Giveback Benefit, you must:
· Be enrolled in Original Medicare (Parts A and B)
· Pay your own Part B premium
· Live in the service area of a plan that offers a Part B giveback
If you are eligible for the 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.
Medicare Savings Programs
Medicare Savings Programs (MSPs) can help pay for your Medicare Part A and Part B premiums, deductibles, and copayments. Eligibility for MSPs is based on income and assets. To apply for an MSP, you can contact your state Medicaid agency or your local Social Security office.
Extra Help
The Extra Help program can help you pay for your Medicare Part D prescription drug premiums and out-of-pocket costs. Eligibility for Extra Help is also based on income and assets. You can apply for Extra Help through the Social Security Administration.
Other Ways to Get Your Part B Premium Back
There are a few other ways you may be able to get your Part B premium back. For example, some states offer programs to help low-income Medicare beneficiaries pay for their Part B premiums. You can also check with your employer or union to see if they offer any programs to help you pay for your Part B premiums.
How to Apply for Your Part B Premium Back
The application process for getting your Part B premium back will vary depending on the program you are applying for. However, you will typically need to provide documentation of your income and assets. You can contact the program administrator for more information on how to apply.
