{"id":3776,"date":"2021-08-22T17:22:06","date_gmt":"2021-08-22T21:22:06","guid":{"rendered":"https:\/\/yourcarerep.com\/YCR-BU\/?p=3776"},"modified":"2021-08-24T16:43:42","modified_gmt":"2021-08-24T20:43:42","slug":"is-the-part-b-premium-giveback-worth-the-money","status":"publish","type":"post","link":"https:\/\/yourcarerep.com\/YCR-BU\/is-the-part-b-premium-giveback-worth-the-money\/","title":{"rendered":"Is the Part-B Premium Giveback Worth the Money? How to know for Sure"},"content":{"rendered":"\t\t
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Is the Part-B Premium Giveback Worth the Money? How To Know For Sure<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Part-B\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Medicare Advantage is slowly but surely becoming the most popular way to receive one\u2019s Medicare benefits. After all, what\u2019s not to love? You get dental, vision, hearing, over-the-counter allowances ranging from $25 to $100 per month, food cards with certain plans, and emergency and urgent care while traveling. Competition has become so fierce that many plans give back money for the Part-B premium Medicare deducts from your Social Security check. But the question is, is the Part-B premium giveback worth the money? After all, there\u2019s no such thing in life as a free lunch. So, here is how to know for sure.<\/p>\n

Doing the Math! Numbers Never Lie<\/h2>\n

Whenever I speak with beneficiaries who want the reduction of their Part-B premium, I have them count the cost \u2013 do the math. You see, in order to give money back, something has to give, and that usually means higher copays. In other words, you are going to pay sooner or later. Now, with that said, it makes plenty of sense for many, but not for everyone.<\/p>\n

For this example, I am going to use a popular plan in the Tampa Bay area in Florida. The plan has two different giveback amounts, depending on which county one lives in. You can get either $130 in Pinellas, Hillsborough or Pasco, and $144 in Polk.<\/p>\n

The way this works is they credit your account with the amount (let\u2019s say $130), so Medicare only deducts the difference, in this case $18.50, from your Social Security check. You get a pay raise of sorts. However, depending on one\u2019s health, it may not be worth it.<\/p>\n

Start Counting and Speculating<\/h2>\n

Whenever I get interest in these plans, I ask the beneficiary, \u201cBased on your health and past experience, how often do you see your doctor a year?\u201d Most people say twice. A few told me quarterly, due to their health. Whatever the number is, I double it! I say, \u201cIn order to have a safe prediction, let\u2019s double that number.\u201d I write down either 4 or 8.<\/p>\n

Then I ask, \u201cHow many specialists, if any, do you see?\u201d One person told they had six different specialists and saw them monthly. But, on average I may get two, with appointments once a quarter each. I then double that number, 16 visits.<\/p>\n

I then add at least one hospital stay of a week, an emergency room visit, and two urgent care visits, since no one knows when an accident will happen, or they will need hospitalization.<\/p>\n

Once I have my tally, I go down the Summary Benefits and I allot a copay to each service:<\/h4>\n
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  • Primary Care Visit – $0 copay<\/li>\n
  • Specialist visit – $20<\/li>\n
  • Emergency room – $120<\/li>\n
  • Hospital stay for 7 days – $125 per day, for the first 4 days = $500<\/li>\n
  • Urgent care visit \u2013 $90<\/li>\n<\/ul>\n

    Then we start doing the math:<\/h4>\n
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    • 4 PCP visits = $0<\/li>\n
    • 16 specialist visits = $320<\/li>\n
    • Emergency room = $120<\/li>\n
    • 2 Urgent care visits = $180<\/li>\n
    • Hospital stay = $500<\/li>\n
    • Tier 3 drugs, $35 copay X 1 prescription = $420<\/li>\n<\/ul>\n

      The grand total would equal $2,170. At $130 per month, the beneficiary would be given $1,560 for the year. Once using that money to pay his copays, he would have to pay out-of-pocket $620. <\/strong>This is assuming only one tier-3 prescription.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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      Subscribe to our newsletter and get the FREE<\/strong> <\/span>Medical Information document for streamlined emergencies or hospitalization. A MUST HAVE FOR CARETAKERS!\u00a0<\/strong><\/span>Don’t let changes take you by surprise! Stay in the know.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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