What is the Medicare Part B Giveback Benefit?

• Admin
• 25 Jan 2025

What is the Medicare Part B Giveback Benefit?

Medicare may help cover your healthcare costs, but your cost-sharing responsibilities often include deductibles, premiums, and copayments—especially the Part B monthly premium. Even if you’re enrolled in a Medicare Advantage (MA) plan, most people are still responsible for paying the Part B premium each month. With a monthly premium of $174.70 in 2024, increasing to $185 in 2025, finding ways to lower your costs is more important than ever.

Understanding the Medicare Giveback

Some Medicare Advantage plans help lower your monthly costs by offering a Part B giveback benefit. The giveback benefit is a Part B premium reduction. Plans can choose how much of a reduction to offer—from as little as $0.10 to the full monthly premium amount.

How Does the Part B Giveback Benefit Work?

The Medicare giveback benefit is offered as a rebate applied to your Part B premium. In most cases, this rebate is reflected in your monthly Social Security check. Depending on the giveback amount offered by your MA plan, this could result in hundreds of dollars back in your pocket each year.

How Do I Qualify for an MA Plan with the Giveback?

To qualify for a Medicare Advantage plan with a Part B giveback benefit, you must:

• Be enrolled in both Medicare Part A and Part B
• Be paying your own Part B premium (not receiving premium assistance from Medicaid or another program)
• Live in the service area of a plan that offers the giveback benefit

Is Switching to a Giveback Plan Worth It?

If you’re considering switching to an MA plan with a giveback benefit, it’s important to compare all available plans in your area. Consider the following before making a decision:

• - Prescription drug coverage and plan formularies
• - Doctor and hospital networks
• - Additional benefits and out-of-pocket costs

Choosing a plan that includes the giveback might save you money monthly, but ensure it still meets your healthcare needs overall.

How Can I Find a Medicare Advantage Plan with the Part B Giveback Benefit?

According to the Kaiser Family Foundation, approximately 19% of Medicare Advantage plans offer a Part B giveback. A licensed sales agent can help you review your options and find a plan that includes this benefit.

When Can I Switch to a Medicare Advantage Plan with the Giveback?

You may switch during one of the following enrollment periods:

• Open Enrollment (October 15 – December 7): Switch between MA plans, return to Original Medicare, or change Part D plans.
• Medicare Advantage Open Enrollment Period (January 1 – March 31): Make a one-time switch to another MA plan.
• Special Enrollment Period (SEP): If you experience a qualifying life event, such as moving, losing coverage, or becoming dual-eligible, you may qualify for an SEP.