Medicare Give Back Plans in Arizona
Medicare Give Back Plans Arizona
How does Medicare work?
Here are some basics. The Medicare Give Back plan is essentially a monthly premium discount program you can apply for if you are enrolled in a Medicare Advantage plan. Let’s back up since Medicare has a few different components that you’ll want to understand before you jump to questions about the Medicare Give Back plans.
Different ways you can enroll in a plan
First, there are different plans you can opt into, and they are not all created equally. Medicare has a few different ways you can enroll in a plan once you are eligible. Here are the most common plans to consider:
Original Medicare offers basic hospital and medical care coverage but does not cover any of the “extras” like prescription drug coverage, dental or vision coverage. Additionally, with Original Medicare, you can use any of your providers. There is no network of providers you need to choose from.
Medicare Advantage Plan
his is a plan that offers a partnership with a private insurance company and gives you a little more coverage. With Advantage Plans, you will often be able to add dental, vision, and prescription coverage, and in a lot of cases, you will also pay less than Original Medicare.
Advantage plans typically require you to use a network of doctors, hospitals, and pharmacies in the form of HMO and PPO type plans. So it’s important to check that your doctors accept the plan and that your medications will be covered.
Each of these options has its own details and if you are still deciding what’s best for you, you should definitely do some research and think carefully about your needs–both medical and financial. Check out this post to read more about the different coverage each plan has.
WHAT IS A MEDICARE GIVE BACK PLAN?
The Medicare Give Back Plan is sometimes also called the Medicare Part B Premium Reduction plan. The name, or details in the name, sometimes varies depending on where you live.
The give back benefit is only available through certain Medicare Advantage plans or policies. It acts the same no matter what the title is. This offering essentially exists in order to save the policy holder money on their healthcare costs.
The premium reduction can be anywhere from $.10-$144 off of your monthly Part B premium and would go directly into your social security account.
WHAT DO YOU NEED TO KNOW ABOUT THE GIVE BACK PLAN?
There are a few things that potential customers need to determine before they assume they are eligible for the Medicare Give Back plan:
1) Are you enrolled in a plan that is a Medicare Advantage plan with a private company?
2) If your Medicare Part B premium is already being paid by the Medicare Savings Program, you will not be eligible for this monthly premium reduction.
3) Is the Medicare Give Back Plan available where you live?
4) The plan does have some criteria, but income is not one of them.
One of the interesting things about Medicare Give Back Plans is that their availability varies widely. This is true not only from state to state but even from county to county or from zip code to zip code. If you are interested in finding a Give Back Plan in your area, contact Insurance Professionals of Arizona. We can give you the details!
Consider the following scenario: a friend of yours from the next town over successfully signed up for and received the financial benefit. You are enrolled in a plan that is the same or similar. If you live in a different zip code, you might not have the same access to this benefit. It’s worth checking!
In addition to all of these facts, no one can guarantee a financial benefit to your liking. Although 48 states offer the Medicare Give Back Plan as an option, rates are different depending on what state you live in and even what zip code you live in within each state.
Your monthly premium reduction could be anywhere from $.10 all the way up to $144 per month. According to this article on Forbes.com, most rebates fall within the $25-$50 per month range. So be sure to do all of your research before deciding this is for you.
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