There have been a number of ads on TV about a Medicare Advantage plan paying your Part B premium. This is known as the “Part B Premium Giveback.” These plans vary by state and county. Not all areas will have a Giveback plan. In KY, there is currently only one plan that offers this. As you know if you’ve met with us, a Medicare Advantage plan is where a private insurance company is paid money by the government to provide your Medicare benefits (outsourcing Medicare, essentially.) They receive a fee each month for each member of the plan. These plans’ benefits can vary each year as they are a one year contract with Medicare, but they must cover at least what Original Medicare does. Advantage Plans have copays for all visits and services up to a maximum-out-of-pocket.
The way the giveback works is that the amount that Medicare is deducting from your check is reduced. So, if the giveback on a plan is $50, then your Part B premium they take from your check will not be $148.50 but will be $98.50. If the state is paying your Part B premium because you have the Medicare Savings Plan (a form of Medicaid), then this type of plan will not benefit you. You will not get an extra $50 from Social Security.
If you think this sort of plan is appealing, you need a valid Special Election Period to enroll in the plan outside of the Annual Enrollment Period (Oct 15th – Dec 7th.) During the Annual Enrollment Period, you would have a chance to enroll in a Giveback plan if it is available in your area. If you have a Medicare Supplement, you must drop it in order to enroll in the Advantage Plan. There could be consequences to getting your Supplement back in the future.
We are familiar with all the plans available in this area. If you would like to review your options, please give us a call. We are here to help you determine if an Advantage Plan is right for you. There is no obligation or pressure to chat or meet with us and as always, there is no fee for our assistance.