Medicare part B Give back Benefit Explained

With Medicare Part B premiums increasing every year, you may be looking for ways to lower your premiums and save money on your Medicare costs. Medicare Part B Give Back Plans can help give back a portion of your Part B premium. But, what's the catch? Watch our video here for everything you need to know about Medicare Part B Give Back Plans.

Learn more here:

Start (0:00)
What is a Medicare Part B buyback / give back plan? (0:33)
How does a Part B buyback plan work? (0:53)
The difference between a $0 Advantage plan and a buyback plan (2:01)
What’s the catch? (2:44)
How much will I save with a buyback plan? (3:15)
Important to know (3:51)
What should I watch for with a Part B give back plan? (5:18)
How can I find a Part B buyback plan in my area? (6:53)

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[chocolatebutterfly]

Does the Part B premium get paid on the 1st of the month and is the giveback also applied on the 1st of the month?

[carolinagirl]

Can you do a video about Medicaid & Medicare: Dual Eligibility Plans? I live in Florida. Thanks for your videos, they help a lot!

[robertlee]

Am I available for this buy-back plan? I am 100% disabled vet using VA for all my treatment. I am in the SSDI plan and enrolled in Medicare parts A and B. Live in Las Vegas, Nevada.

[kellyyork]

What is the difference between the average Medicare Advantage Plan out there and Medicare Advantage Plans offered by a state, for example for retired teachers or state employees, through big insurers, like Blue Cross/Blue Shield snd United Health care?

[rickarmstrong]

I will definitely be contacting Boomer Benefits when I am ready to sign up for Medicare!

[lynnew]

People do not understand that they are giving up traditional Medicare when they sign up for an Advantage plan. Too many disadvantages with this: limited physicians, barriers if you need to see a physician outside of network, increased costs incurred with some complicated illnesses. The words advantage plan and give back benefit are very misleading.

[lindacas]

Thanks for the info about the Part B buyback! Unfortunately, my county doesn't participate. One thing I wanted to ask is, you mention a catch. Since I did intensive research before choosing a plan for myself, I became aware of the difference between co-pay and co-insurance. When I looked at the no premium plans, it seemed like the catch was co-insurance instead of co-pay, so it's not possible to anticipate what you'd be paying for a procedure or test or service, instead of the fixed co-pay amount. So, while you'd be paying zero premium, your actual cost for treatment if you become ill, could be more than you'd end up paying with a plan that does have a premium. Do I understand that correctly?

[billyrayband]

The Fed is giving insurance companies too much cash each month for people who sign up for ADV.

[capitalmatrix]

Yeh you get part of your part B back.but according to insurance underwriters. You get THE CRAPPIEST Coverage. And You will regert it .😢

[butopiatoo]

where can we see what Medicare is paying the insurance companies? this has to be public information. It's a congressional appropriation.

[paulhughes]

8 more months and I will be on Medicare and your videos will hopefully help me navigate all of the different plans.

[SammifromMiami]

Do you have to be age 65 or > for this to work? What if you are collecting Social Security disability for 2 years, then automatically enrolled in Medicare, but only 56 years old?

[phillipkelley]

Excellent video as always. I have a question that hopefully you can answer please. When I retire and (eligible for Medicare) if I decide to keep my employer FEHB plan do I still have to sign up for Medicare part B?

[oldermuscleguy]

On the buy back program I have it through well care. I'm actually paying like $45 a year so I am still paying $45 .00