There is the potential to save out-of-pocket expenses with the Medicare Giveback Program. Martha Khlopin, Managing Director at Get2insurance.com, joined us with the money-saving details.
Martha shared, “The programs are offered by a limited number of Medicare Advantage plans and may not be offered in all areas. The program is not a government program or offered through Medicare. Only Medicare beneficiaries who enroll in a Medicare advantage plan that offers the benefit will receive it. There are no income or asset limits. Here are some other common names used to describe the benefit: Part B Buy Back, Part B Giveback, Part B Buy Down, Part B Reduction, and Part B Premium Reduction.
Medicare Advantage plans are not required to offer the benefit to lower Part B premiums. When offered, it can reduce the premiums by $25 or $50. No money is sent to the enrollee – the Medicare advantage plan works directly with social security.”
If you are interested in applying for the government’s Medicare Savings Plans, contact social security at 1-800-772-1213 to see if you qualify as a Qualified Medicare Beneficiary or Specified Low Income Medicare Beneficiary. The program will cover Medicare Part B premiums in full for a savings of over $1,900.
The program may also lower other costs like prescription drug deductibles and co pays.
For more information, visit Get2Insurance.com