It’s that time of year again when all the Medicare ads start flooding our televisions and causing lots of confusion. Annual open enrollment is October 15 to December 7 this year, so the commercials are going to increase. So what does it all really mean?
What is the Part B giveback?
How can I get money credited back to my Social Security?
What are the commercials advertising, and are they a scam?
Part B is the Medicare premium deducted directly from your Social Security check each month, or you may be mailing this premium directly. This year (2022), the premium jumped to $170.10.
The Medicare Advantage “giveback” plans provide a benefit ‘giving back’ a portion of your Part B premium to reduce your monthly premium. In most cases, the advertising about getting a “full giveback” only applies to those eligible for Medicaid (low-income assistance). Other plans may offer a “partial giveback,” but read all the plan’s information before enrolling. The difference could mean not getting all the benefits you need.
There are no guarantees that the “giveback” will happen each year, and the amount can change. Premiums can also change, so compare costs and benefits to make sure you are saving money.
Initially, marketing of Advantage Plans may sound like a “scam” or “too good to be true,” but each plan has a contract with Medicare that holds them accountable. In some cases, Advantage plans are truly $0/month. You have likely paid many years into Medicare taxes that partially fund these plans. You also continue to pay Social Security which contributes to the funding.
Advantage Plans are funded by the Federal Government. As private health plans, they are structured to be rich in benefits including things even Medicare doesn’t cover such as dental, vision and hearing.
Discussing these plans on an individual basis is key to determine if the coverage is suitable for your unique needs.
If you have questions, please contact Leah Callahan at firstname.lastname@example.org or an agent at Insurance Group of the Ozarks at (417) 725-1131. We look forward to serving you!