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How do I get $144 added back to my Social Security check?

04/03/2023

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How do I get $144 added back to my Social Security check?

Social Security benefits are a vital source of income for millions of Americans who have retired or become disabled. Unfortunately, many retirees find that their Social Security benefits are insufficient to cover all their expenses, particularly as they age and require more healthcare services. However, there is good news for those enrolled in Medicare Advantage plans – they may be eligible for a Medicare giveback benefit that can add $144 back to their monthly Social Security check.

Medicare Advantage plans are private health insurance plans that provide comprehensive healthcare coverage, often at a lower cost than traditional Medicare. Many Medicare Advantage plans offer additional benefits beyond what is covered by traditional Medicare, such as prescription drug coverage, dental, vision, and hearing services, wellness programs, and more.

One of the advantages of enrolling in a Medicare Advantage plan is the potential for a Medicare giveback benefit. The giveback benefit is a Medicare Part B premium rebate, automatically deducted from your Social Security check each month. In 2021, the Medicare Part B premium is $148.50 per month for most beneficiaries. However, if you are enrolled in a Medicare Advantage plan that offers the giveback benefit, you may be able to receive up to $144 back in your monthly Social Security check.

To be eligible for the giveback benefit, you must be enrolled in a Medicare Advantage plan that offers the benefit in your area. Not all Medicare Advantage plans offer the giveback benefit, so you must check with your plan provider to see if it is available. Additionally, you must continue to pay your Medicare Part B premium, even if you receive the giveback benefit.

It is important to note that the giveback benefit is not available to everyone. The amount of the giveback benefit depends on several factors, including the cost of the Medicare Advantage plan, the Medicare Part B premium, and the rebate offered by the plan. Additionally, some Medicare Advantage plans may offer the giveback benefit to only certain types of beneficiaries, such as those with low incomes or certain medical conditions.

In conclusion, if you have enrolled in a Medicare Advantage plan, you may be eligible for a Medicare giveback benefit that can add $144 to your monthly Social Security check. To determine eligibility, check with your Medicare Advantage plan provider and review your plan’s benefits and costs. The giveback benefit can be a valuable way to save money and get more out of your Medicare Advantage plan.