Can You Save on Your Medicare Part B Premium with a Refund?

There is a commercial promoting a refund on your Medicare Part B premium, and it’s raising questions with many folks. 

The commercial states you’ll receive up to $148.00 credit, if you sign up for a Medicare Advantage Plan that offers you a number of extra benefits. 

While the spot has been running for about a year now, and I can tell you it’s legitimate, there’s minimal access to the offer in our area right now.

 

The government’s approach for the past couple of years has been to get credits (cash) back into the hands of seniors. There was the $200.00 prescription RX credit the previous administration was pushing. We have seen a dramatic change in insulin prices with some insurance companies now capping it at $35 a month (which is incredible) with others completely waving the drug deductible so you only pay the retail price of your tier level.

 

The Medicare Part B Premium refund 

This plan follows builds on that approach, but the reach is limited. At the present time, only ONE company is offering the refund in our area. You’ll receive up to $60 in monthly credit towards your Medicare Part B premium signing up for their Advantage Plan. 

 

The issues:

• The provider only offers the plan in Pierce, King, and Snohomish Counties – it’s not available in Thurston or Lewis County
• The network of providers is very limited leaving you with few doctors to choose from – which can be a risk.

 

The good news

This Part B premium credit for the Advantage Plans does not have any income questions, so if it is offered, you will automatically qualify.

And it can provide a significant savings:

I have clients who recently moved to Arizona. They are receiving $40 a month back on their Advantage Plan, one with a zero premium. With two policies in the same house, it truly saves $1,000 for the household.

I will continue to monitor for more companies offering this premium refund

 

Eliminating some confusion

This Medicare credit is often confused with the existing Medicaid credit:

If you earn less than $1,300 a month and have less than $3000 in the bank, you qualify for Medicaid. With Medicaid, your Part B premium if automatically covered so you aren’t paying to be on Medicare – essentially a credit.

If you have questions on the refund or any others related to Medicare and Medicaid coverage, reach out and let’s talk.

 

Be well, be safe, and have a blessed day!
Brian Johnson, LUTCF