Sometimes they do, sometimes they don’t. Different policies give you different answers, but here we will look at the possibilities.
When Part B Premiums Are Not Covered
This is tied to one of Medicare Advantage’s major selling points – an all-in-one coverage option with a $0 premium. If you get that, however, you will have to pay the Medicare Part B premium. In 2021, the average Part B premium is around $148.50.
Reduced Part B Premiums
The Medicare Advantage policies that reduce Medicare Part B costs are those that have premiums. In 2021, the average premium for Medicare Advantage is $21.
Another thing to keep in mind is that Medicare premiums can be tax-deductible depending on the size of your medical expenses. While this is not a direct cost reduction, it can be canceled out when it comes to your taxes.
There is a group of policies falling under Medicare Advantage called Special Needs Programs (SNPs). SNPs are divided into Dual Eligible SNP (D-SNP), Institutional SNP (I-SNP), and Chronic SNP (C-SNP). All of these offer additional assistance, but D-SNPs, in particular, can be of major help for Medicare Part B premium cost reduction.
Dual eligibility refers to one being eligible for both Medicare and Medicaid. To qualify for a D-SNP, you’ll have to meet your state’s standards for low-income, based on your Modified Adjusted Gross Income (MAGI). If your income is too high, you can “spend down” and subtract your medical costs from your annual earnings so that you will qualify.
Dual Eligibility and Part B
Dual eligibility also qualifies you for Medicare Savings Programs, three of which offer reduced or fully covered Part B premiums.
These programs include:
- Qualified Medicare Beneficiary (QMB)
- Specified Low Income Beneficiary (SLMB)
- Qualified Individual (QI)
QMB programs help pay Part A and Part B premiums, and having this program forbids healthcare providers from billing you for any Medicare-related services, as long as they accept Medicare to begin with.
SLMB programs specifically cover Part B premiums.
QI programs assist you in paying for Part B premiums, but it depends on how soon you sign up relative to everyone else, as it is first-come, first-serve.
For More Information
We find ways to help you reduce costs with your Medicare options. At Cornerstone Senior Advisors, we take your financial situation into consideration, because it could help you save a considerable amount of money. For further information, call us today at 316-260-3331.