12 Apr Is there a way to save on Medicare Part B premiums?

Q. Is there a program in New Jersey where seniors with Medicare Part B can have the premiums returned to them by enrolling in a free Medicare Advantage plan?
— Senior

A. Yes.

There are Medicare Advantage programs which provide for a reduction in all or a portion of the Part B Premium.

These plans have a number of names, such as Part B Buyback, Reimbursement, Giveback or Premium Reduction, said Claudia Mott, a certified financial planner with Epona Financial Solutions in Basking Ridge.

She said the plans require that the insured be enrolled in both Medicare Part A and Part B.

“The amount of premium reduction is based on where the insured lives and the reduction is applied to the amount paid through Social Security,” she said. “No check is sent from the insurance carrier to the insured directly.”

In New Jersey, participating insurers are Aetna, Humana and Wellcare, Mott said.

For more details, it would be best to speak with a provider directly to see if it provides this plan in your zip code, she said.

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This story was originally published on April 12, 2022.

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