The Medicare Part B Reduction, or as it’s commonly called, the “Medicare Part B give-back”, reduces the amount of premium you have to pay for Part B of Medicare, and is advertised as readily available to all Americans. The truth is, few plans offer this benefit and there are trade-offs to selecting a plan that does.
The Part B giveback is mostly determined by location. Only certain zip codes in the country have plans that participate in this program and if a plan does happen to include this benefit, it can often replace other benefits like dental coverage, transportation, or meal services.
There are three criteria you have to meet in order to qualify for a Part B reduction.1
1. Be enrolled in Medicare Part A and B.
2. You must be responsible for paying your Part B premium. This means if you are already in a program that helps pay your Part B such as Medicaid or various other Medicare Savings Programs, you cannot qualify for the Part B reduction.
3. You live in an area with this benefit. Like we said before, only plans in certain zip codes offer the Part B reduction. Ask a local agent if you fall into one of these locations.
A word of warning:
The promise of not having to pay the $148.50 Part B premium is often used by telemarketers and TV personalities to get you to call their number, only for one of their licensed agents to sign you up for a different plan altogether. With so many benefits and coverage options available to you, don’t put the rest of your medical care at risk by calling these companies to only get the Part B reduction.
It’s important to talk to an expert you trust when researching the right plan for you. The agents at SBS can help determine which benefits you wish to prioritize when finding a plan, and let you know all the benefits available to you. If you do happen to qualify for the Part B reduction, we will certainly be happy to discuss it with you!
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