It's insurance season! By now, you've heard radio commercials, ads on TV, and maybe you have even received phone calls from an insurance company claiming to "help you with your Medicare benefits." Note that CMS (The Center for Medicare Services) will not call you unless they are returning a phone call. These phone calls are from private insurance companies who work with Medicare. They may be offering a benefit called Part B Buy Back. And we're explaining what that is today.
According to Janell Sluga, "Almost every insurance company offering Medicare Advantage Plans has included this benefit called a Part B Buy Back in at least one of their plans. Your Medicare Part B premium in 2024 is $174.70 and comes directly out of your Social Security monthly benefit. This Buy Back benefit means the insurance company will pay part of your Medicare Part B premium as long as you are enrolled in their insurance product offering this benefit. The plans offer between $4 and $90 toward your Medicare Part B premium. This money is paid to SSA and your Social Security monthly deposit will go up by the amount offered from your plan of choice."
While it may sound like the right move, be sure to look at all the facts when making decisions about your healthcare. Is the doctor you like in network? The hospital? Will the new plan cover your existing medications? These are all important questions to consider before making a change.
Reference: The Post-Journal, Janell Sluga (November 6, 2023) Is Medicare Part B Available For Higher-Income Seniors?