What Is a Wellcare Giveback Plan?
A Wellcare Giveback plan is a Medicare Advantage (also called Medicare Part C) plan that gives you a full or partial refund of your Medicare Part B premium by adding it back to your Social Security check each month.
Wellcare Giveback plans – like all Medicare Advantage plans – offer the same benefits as Original Medicare (Medicare Part A and Part B). You can shop for Wellcare Medicare Advantage plans that also cover extra benefits Original Medicare doesn’t cover, like prescription drugs, hearing, dental, vision and more.
There are even Wellcare Giveback plans designed for retired military veterans who receive free prescription drugs through the Veterans Administration.
Plan benefits vary by location, and not all plans have a Giveback benefit. Call to learn more about plan eligibility in your area.
How Does a Wellcare Giveback Plan Work?
If your Part B premium is deducted from your Social Security check, the Giveback refund is added back as a dividend on the check or deposit you receive from Social Security.
If you pay your Part B premium by mail, the Giveback refund appears as a credit on your Medicare Part B Premium Statement.
There’s nothing you need to do to set up your refund. Once you enroll in a Wellcare Giveback plan, it may take up to 90 days for your first refund to appear. But after that, your refund will automatically appear every month.
How Much Is the Medicare Part B Premium?
The standard premium for Medicare Part B is $164.90 per month in 2023. However, higher income earners may have to pay a higher premium due to the Income Related Monthly Adjusted Amount, or IRMAA. The adjusted gross income reported on your taxes from two years prior is used to determine your IRMAA liability.
The table below shows how much you can expect to pay for your Medicare Part B premium in 2023.
|Medicare Part B IRMAA|
|2021 Individual tax return||2021 Joint tax return||2021 Married and separate tax return||2023 Part B monthly premium|
|$97,000 or less||$194,000 or less||$97,000 or less||$164.90|
|More than $97,000 and up to $123,000||More than $194,000 and up to $246,000||N/A||$230.80|
|More than $123,000 up to $153,000||More than $246,000 up to $306,000||N/A||$329.70|
|More than $153,000 up to $183,000||More than $306,000 up to $366,000||N/A||$428.60|
|More than $183,000 up to $500,000||More than $366,000 up to $750,000||More than $97,000 up to $403,000||$527.50|
|More than or equal to $500,000||More than or equal to $750,000||More than or equal to $403,000||$560.50|
When Can I Enroll in a Wellcare Medicare Advantage Giveback Plan?
You can enroll in a Wellcare Medicare Advantage Giveback plan during your Initial Enrollment Period (IEP), which lasts for seven months. Your IEP typically starts three months before the month of your 65th birthday, includes your birthday month and continues for another three months.
You may also be able to enroll in a Wellcare Medicare Advantage plan during the Medicare Annual Enrollment Period (AEP), also called the fall Medicare open enrollment period. This enrollment period lasts from October 15 to December 7 each year.
Am I Eligible for a Wellcare Medicare Advantage Giveback Plan?
To be eligible for a Medicare Advantage plan, including Wellcare Giveback plans, you must be a U.S. citizen or lawfully permitted resident who is enrolled in Medicare Part A and Part B and live in the area serviced by the plan.
As noted above, plan benefits vary by location, and not all plans have a Giveback benefit. Call to learn more about plan eligibility in your area and to find out if you’re eligible to enroll.
How Else Can a Wellcare Giveback Plan Help Me Save?
Getting a refund on your Medicare Part B premium isn’t the only way to save money with a Wellcare Medicare Advantage plan.
You can shop for a Wellcare Medicare plan that could offer:
- $200-$2,500 in extra dental, vision or hearing care every year with our Visa Flex card
- $0 or low premiums, low deductibles and $0 or low copays for certain services
- Over-the-counter allowances for items like vitamins, toothpaste and incontinence supplies1
Plus, Wellcare Medicare Advantage plans – like all Medicare Advantage plans – come with an annual out-of-pocket spending limit that can help protect you from potentially high out-of-pocket Medicare costs.
How Can I Find a Wellcare Medicare Advantage Giveback Plan?
Wellcare Medicare Advantage plans are sold in a number of states, and Giveback plans are available in select areas. We can help you compare local Medicare Advantage plans side by side so you can find the Wellcare plan that works for you.