They are becoming more popular. Initially, Medicare Advantage plans offering to return all or a portion of your Medicare Part B premium were found in only somewhat isolated areas of the country and not available in every state across the country. However, we have seen an upward trend in the Part B "give back" plans over the past years.
Example of annual changes in "Give Back" plans - In 2021, there are 49 states (including Puerto Rico) that offer a Medicare Advantage plan with a Part B premium give backs. Across the country that amounts to about 9,475 separate counties that include a give back plan. The Part B give backs are offered by 160 different Medicare Advantage plans - and range from give back of only $0.10 up to $144.60. As a comparison, in 2020, 44 states had such "give back" Medicare Advantage plans (adding up to 6,448 separate counties across the country). The total number of unique 2020 Medicare Advantage plans offering the Part B give back was 128 with the Part B give backs ranging from $10 to $135.50.
Even with the same-named plan, your Part B give back will depend on where you live. If you do not live in or near a county that has Medicare Advantage plans with Part B premium rebates, you may find that the same named Medicare Advantage plan in another county will rebate a higher Medicare Part B premium amount or offer a lower Part B premium rebate.
For example, if you enroll in the 2021 WellCare Dividend Prime (HMO) as a residents of Brevard County, Florida, you will receive a $95 rebate toward your 2021 Medicare Part B premium (or a Part B premium reduction of $95). However, if you live further north in St. Johns County, Florida, you will find the same named 2021 WellCare Dividend Prime (HMO), but the Part B "give back" or premium reduction is $90 instead of the $95 as found in Brevard County.
Question: How long will Social Security need to adjust my Medicare Part B premium with the "give back"?
1-3 months. It may take your Medicare Advantage plan (and Social Security Administration) a few months to begin the Part B premium rebate. But after the first Medicare Part B premium rebate payment, then your monthly Social Security checks should then show a regular increase reflecting the monthly Medicare Part B premium ($144.60 in 2020 or whatever premium or portion of premium you paid in that year).
Question: How will I get my Part B rebate or "give back" if I do not collect Social Security benefits?
Your Medicare Part B refund, give-back, or "Dividend" repayment depends on how your Medicare Part B premium is paid: whether premiums are withheld from your Social Security check or whether you pay Part B premiums directly. As you may find something noted in your Medicare Advantage plan literature such as:
"For 202[x], [Your Medicare plan] will reduce your monthly Medicare Part B Premium by [$xx.00]. The reduction is set up by Medicare and administered through the Social Security Administration (SSA). Depending on how you pay your Medicare Part B premium, your reduction may be credited to your Social Security check or credited on your Medicare Part B premium statement. Reductions may take several months to be issued; however, you will receive a full credit."So if you pay your Part B premium directly (not by automatic Social Security check deduction), you will see that your Part B premium statement has been updated with the rebate or "give back" amount credited to what you owe.