You may have heard the terms: Part B giveback, reduction or rebate. Do you know what that means or how it works for your clients?
 
The give-back benefit is another term for Part B premium reduction. This is when a Medicare Advantage plan reduces the amount your client pays towards their Part B monthly premium. These givebacks are offered by some Medicare Advantage plans and are designed to make plans even MORE affordable. The amount of the givebacks can range depending upon the plan and location. They can be as low as $20 and some plans offer more than $100 in giveback rebates. ​

How it Works:
If a beneficiary is on Social Security, the Part B premium comes out of their monthly benefit before it hits their bank account OR it's reflected in their monthly check. The giveback reduces their Part B premium, which means more money ends up in the individual’s bank account. 

If your client pays their Part B premium directly (not by automatic Social Security check deduction), their Part B premium statement will be updated with the giveback amount credited to what they owe. The standard Part B premium for 2021 is $148.50. This amount changes yearly and is based on income. Learn more.

Example:
​If a beneficiary's monthly Social Security check is normally $1600 and their giveback is $100, their Social Security benefit will now be $1700. If they pay the standard Part B premium ($148.50) the amount they will owe after receiving the giveback will be $48.50.

Part B givebacks can offer Medicare beneficiaries yet another way to save money by choosing a Medicare Advantage plan. ​​

To be eligible for this program your client must be responsible for paying their own Part B premium, which means they are NOT eligible to receive Medicaid or participate in a Medicare Savings Plan. 

​As always, it's important to make sure the Medicare Advantage plan fits your client's needs and budget. It's also crucial to make sure it includes access to the doctors and hospitals they need, as well as making sure their prescription drugs are on the plan’s formulary.​

By Carolyn Portanova and Crystal Kominski

The Annual Enrollment Period which occurs every fall is right around the corner. October 15th kicks off the beginning of that window when your clients can make changes to their Medicare Advantage plans. So now is the time to go through our AEP checklist to ensure you're ready for the busiest time of year. Whether you're selling Medicare Advantage products, Prescription Drug Plans, Medicare Supplement products or any combination of the three, being prepared is your best asset. Below we'll go over our AEP checklist as well as review what your clients can do during the Annual Enrollment Period which ends on December 7th.

​1. Change from Original Medicare to a Medicare Advantage plan (or vice versa)
2. Switch from one Medicare Advantage plan to another Medicare Advantage plan
3. Switch from a Medicare Advantage plan that doesn't have drug coverage to one that does offer drug coverage (or vice versa)
​4. Join a Medicare Prescription Drug Plan (PDP)
5. Switch from one Prescription Drug Plan (PDP) to another PDP
6. Drop Medicare Prescription Drug coverage completely

There are many scenarios that can play out during AEP and it's in your best interest to review your clients' policies with them to ensure they have appropriate coverage for the coming year. Many of your clients may want to review their Medicare Supplement plans during this time as well, and it's the perfect time to do so.

1. Contracting
​​If you need to finish any contracting you may have started, complete it and review any carriers you wish to add.​ Carriers have blackout dates where you can no longer move your contract. You can review our carrier black out dates on our AEP page.
​2. AHIP Training
Be sure to complete your AHIP training. Many carriers offer discounts, but you must access the training through the carriers' agent websites to receive that discount.
3. Product Training
​Login to agent sites and complete all product training. You'll get notified by the carrier when you’re eligible to being selling. Watch your Inbox carefully​.
​4. MedicareCENTER
Login to MedicareCENTER and get familiar with all the new tools available. Upload and update your clients in the CRM and review the training and best practices guides.
​5. Electronic Applications
Familiarize yourself with electronic applications now (before the rush). This will make them much easier to complete. You can download carrier e-App training guides from our Electronics App page.​
​6. Order Supplies & Materials
​Order any supplies you may need from your carriers directly, and be sure to request our complimentary*, branded marketing materials to help you promote yourself.

Make sure you're ready to go and have everything you need to make this your most successful AEP yet. We're here to help you succeed and are always available to assist you with your AEP strategy.

*Must be a contracted producer to qualify for our complimentary marketing materials.

By Carolyn Portanova