Give-Back or Buy-Back Plans
What are “Premium Buy-Back Plans”?
Is “too good to be true” always too good to be true?
Personally, I think things are NEVER too good to be true.
Good is always good!
I think it all boils down to what you believe. If you believe that there is no such thing as a free lunch, then you may never enjoy the gift of a free lunch.
If you believe that a free lunch could actually be free with no strings attached, that’s what you’ll receive. after all, food is everywhere and people can be very generous.
I personally believe it is a matter of personal beliefs and comfort level. When you say that something is “too good to be true”, what are you really saying? You’re probably actually saying that you don’t belive it.
Next, ask yourself why don’t you believe it and you’ll probably discover that it’s because you don’t know enough about it to understand it. So you don’t trust it.
Education is the answer.
The unknown can causes a lot of anxiety. Most people tend to stick with what they know, where they feel safe.
But risk takers are not people who go out and blindly jump on things. They take the time to learn about new things and they usually end up with a better deal. And everyone else comes around eventually.
10 years ago there were no Medicare plans under $50 per month. Now there are many offering plans at $0 per month. A lot of people thought these plans were “too good to be true” but they were the ones who missed out on saving that $50 per month and if they have not switched to a $0 per month medicare plan they probably will this year!
But wait. $0 is not the best deal anymore.
There are some new plans entering the Medicare market in Maine and New Hampshire for 2019 referred to as “give-back” or “buy-back” plans.
…And that is exactly what they do.
These plans actually GIVE BACK a portion of your Part B premium!
Sound like a free lunch? It just might be!
Every day as I meet with folks and help them understand their medicare options and at some point during every meeting someone asks, “What’s the catch?” which is often followed by “This is really too good to be true.”
Well it is all true! This is Medicare! And Medicare is great!
There are Medicare plans that cost $0 per month with no deductible – you’ve heard about them. You may even be using one.
These plans are not “free” because you still must pay your monthly Part B premium ($134 in 2018) to Medicare so no one can say they are free.
How can you get lower than $0?
These Buy-Back or Give-back plans cost $0 per month but in addition to that they will also buy back a portion of the Medicare Part B premium that you pay each month.
Medicare does not allow me give you specifics of any one plan but I can speak in general terms about the plans out there. So, generally speaking these Medicare Advantage plans will send a set dollar amount ($25-$40) per month directly to Social Security which will reduce your Part B premium. That’s $300-$500 they are giving you each year.
So Let’s do the math…
If they give you $300 each year and you see the doctor 4 times with a $5 copay and have 4 blood test with a $2 copay each and add a couple specialsts visits at $40 each then your total copays for the year are around $100. That leaves you $200 ahead every year. That’s right. You MADE MONEY! 🙂
Is there a catch?
Of course, there’s always a catch. You have to be enrolled in both Medicare Part A and Part B.
Yep, that’s the only catch!
If you want to learn more about these plans contact me. I can explain this over the phone or we can meet at your home and look at these plans to see if they will work for you. I will never pressure you to change plans or convince you to switch. That choice is completely yours to make.
I am always happy to help you!
Would you like my help?
If you would like help finding the right plan or just want to ask a few questions, you can call me directly at 207-370-0143 or use my simple form on the CONTACT page of this site to send an email message. The best part about working with me is that it will not cost you anything to talk with me to discuss your options and review the plans that are available. I am paid by the insurance companies in the form of a commission when you enroll in a plan. You will not pay anything to meet with me and you will pay the same price for your insurance that everyone pays whether they had my help or not.
“My goal is to help people and I have found great joy in being able to offer my services to people who need my help.”