What is a Part B Giveback Plan?

July 16, 2024

Medicare

The Medicare Part B Giveback Benefit, also known as the Part B premium reduction benefit, is a premium reduction offered by some Medicare Advantage plans. The plan carrier pays some or all of the Part B monthly premium, which can range from 10 cents to the full cost in 2024 ($174.70). The reduction can appear as an increase in your Social Security check or a credit on your Part B premium statement.

To be eligible for the Medicare Part B Giveback Benefit, you must:

Be enrolled in Original Medicare (Parts A and B)
Pay your own Part B premium
Live in the service area of a plan that offers a Part B giveback

Eligibility depends on where you live and the type of Medicare coverage you have. You can use the Medicare Plan Finder tool to check if any Give Back plans are available in your area. Some companies that offer Medicare Part B premium reduction plans include Cigna, Aetna, and Humana.

When choosing a plan, you should consider other costs in addition to the Give Back amount, such as annual deductibles, copays, and other cost-sharing amounts. You can also ask questions to avoid the Give Back Benefit costing you more in the long run, such as whether your preferred doctors are in-network, if your prescription drugs are covered, and what the difference is in copay amounts.

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What is a Part B Giveback Plan?

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