A majority of Medicare Advantage plans boast $0 premiums. When you opt for such a plan, your payment comprises the premium for Part B and that for the Advantage plan.
A number of these $0 premium plans take it a step further by offering “premium reduction” benefits. This benefit reimburses the premiums paid by members for Part B. Although not all Advantage plans offer this premium reduction, its offering has been gaining traction and becoming more common in recent times. Medicare Advantage plans often highlight this benefit to distinguish themselves in the market.
This premium reduction can benefit individuals in the following situations:
– If you’re a recipient of Social Security retirement benefits and you choose an Advantage plan that includes a premium reduction benefit, the sum subtracted from your social security payment for Part B coverage will decrease.
– If you’re someone who sends premium payments directly to Medicare, the bill you receive will reflect a reduced charge.
