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What is Medicare Part B Buy Back/Give Back?

Are Medicare Buy Back plans too good to be true? No! There are some legitimate Medicare plans out there that can “buy back” your Part B premiums. These plans are effectively paying you instead of the other way around! Let me explain. 

Medicare Part B Premiums in 2020

When you enroll in a Medicare Advantage plan, whatever your Medicare Advantage premium is, you’re still going to have to pay your Medicare Part B premium. In 2020, the standard Medicare Part B premium will be $144.60. Your premium may be a bit higher if you have a high income. . 

2020 Medicare Part B Premiums
2020 Medicare Part B Premiums

The reason you have to keep paying this premium is that while Medicare Part B is a part of the government Medicare program, Medicare Advantage plans are privately owned. To have Medicare Advantage, you have to be enrolled in the government program. To stay enrolled, you have to continue paying your premiums! 

So, What are Medicare Advantage Part B Buy Back Plans?

Medicare Advantage plans are additions to your existing Medicare coverage. They can vary greatly in coverage amounts and premium prices. Some Medicare Advantage plans can come with a $0 premium or a low premium in addition to a Part B buy back (or give back, as some plans call it). 

If you pay your Part B premium automatically out of your Social Security check, this could feel like a bonus added to your monthly checks! You’ll start seeing a bit more coming in, which is nice. 

Premium Give Back Plan? What’s the Catch? 

You’re probably skeptical about the idea of an insurance carrier wanting to give YOU money. However, there’s not really a catch. According to Quality Health Plans of New York, Medicare Advantage plans “may choose to use some of the funding it receives” to “reduce its members Medicare Part B premium.” What these plans are doing is providing you an incentive to sign up for their plans

 Even if they give you some of that money back for your Part B premiums, they still get paid from your copayments, deductibles, etc.

As you’re looking into available Part B buy back plans in your area, be sure to consider what you might be giving up. Remember, all plans are different, but it is possible that a plan with a Part B buy back option will have higher copayments and deductibles – which may not matter to you if you don’t spend a lot of time in the doctor’s office!

I guess you could say the only true “catch” to these plans is that you have to stay enrolled in Medicare parts A and B – but that’s true of any Medicare Advantage plan. You’ll have to continue paying your A and B premiums, even if you do get some of that money back. 

Additionally, it may be a few months after you sign up for your premium give back plan before you receive your first Part B reimbursement. 

How do I Get a Part B Buy Back (Give Back) Plan?

Great question! As you can imagine, these plans might be harder to find than more standard Medicare Advantage plans, and there may or may not be one available in your area. 

Unfortunately, CMS (Centers for Medicare and Medicaid Services) does have certain rules in place that forbid us from sharing the plan details with you publically. However, we have licensed agents across the nation who can meet with you either in person or by phone to help you choose a plan. 

If you’re interested, call us at 844-431-1832. Let us know that you’re interested in Part B buy back plans, and we’ll do all we can to help!
You can also leave us a message here, and we’ll get back to you.

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