Part B giveback is another term for a Part B premium reduction or rebate. This is when a Medicare Advantage plan reduces the amount your client pays towards their Part B monthly premium. These rebates are offered by some Medicare Advantage plans and are designed to make plans more affordable. The amount of these Part B rebates can range depending upon the Medicare Advantage plan. They can be as low as $20 for some plans and yet, some plans offer more than $100 in giveback rebates. ​

​How it Works:
If a Medicare beneficiary is on Social Security, the Part B premium comes out of their monthly benefit before the funds are deposited to their bank account OR it's reflected in their monthly check. The Part B 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 2024 is $174.70. This amount changes yearly and is based on income. 

An Example:
​If a beneficiary's monthly Social Security check is normally $1,600 and their giveback is $100, their Social Security benefit will now be $1,700. If they pay the standard Part B premium ($174.70) the amount they will owe after receiving the giveback will be $74.70.

Part B givebacks can offer Medicare beneficiaries a 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 a 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

​No one wants to think that at some point in their life they're going to need someone to take care of them. We all like to think we'll be healthy, strong and capable for years and years to come. At some point we have to face the fact that we're going to get old and with that may come challenges. Discussing Long-term Care insurance with your younger clients is something to consider doing now. And we have a way to open the door to this conversation without them shutting it down.​

Ask your client to think about their parents and/or grandparents and their health. Ask them if they have family members who are utilizing Long-term Care services (Home Health Aide, Nursing Home, Assisted Living Facility); it will help make an impact on their decision to consider purchasing Long-term Care insurance. ​

If they give you the argument that their parents/grandparents are healthy and longevity runs in their family, you can acknowledge that, but then you can also point out the facts below if the statistic above doesn't nudge them:

• Long-term Care insurance does NOT have frequent rate increases like other forms of insurance, which means they could buy a policy today and could potentially be paying the same rate a decade from now.
• Long-term Care insurance is most definitely cheaper the younger and healthier you are.
• Remind them that they don't have a crystal ball and cannot see what their health will be like when they're older.
• Long-term Care insurance is a safety net and will be there to help cover the costs of their care, should they need it...and the likelihood is that they will.

If you need help with Long-term Care products or just have questions, please reach out to us. And if you're new to selling Long-term Care insurance, request our Getting Started with Long-term Care guide.

By Carolyn Portanova