Medicare Medical Savings Account

Medicare Medical Savings Account (MSA) plans are a unique form of Medicare Advantage. This plan combines Medicare Part A and Part B coverage, with additional features that go beyond Original Medicare’s limits.

What Do Medicare MSAs Cover?

Medicare MSAs offer coverage for inpatient and outpatient services. You will need to obtain Medicare Part D separately  in order to have prescription drug coverage with this plan.

Like other Medicare Advantage plans, Medicare MSAs can also offer dental, vision, hearing, and other coverage that’s not provided by Original Medicare.

Get all of your options

“This is a solicitation of insurance. By submitting this form, I agree to be contacted by a licensed insurance agent for the marketing of Medicare Insurance products (i.e., Medicare Advantage Plans (Part C), Prescription Drug Plans (Part D), and/or Medicare Supplement (Medigap) Products) and services. I’m aware the person who will discuss the products is a licensed and certified representative of Medicare Advantage organizations and/or stand-alone Prescription Drug Plans. Each of the organizations they represent has a Medicare contract. This individual may also be paid based on my enrollment in a plan. Enrollment in any plan depends on contract renewal. I am aware that the person who will contact me is not affiliated with or works directly for the Federal government. I understand that I may be contacted via telephone, email, text messaging, artificial or prerecorded voice messages, or automatic dialing at the contact information provided above (even if my number is currently listed on any state, federal, local, or corporate Do Not Call list). Carrier data use charges and rates may apply. I understand that my consent is voluntary and is not a condition of purchasing any goods or services, and that I may change my preferences at any time.”

What Makes Medicare MSAs Different?

Medicare MSAs primarily stand out because of how this plan is structured. This offers a unique way of saving on medical costs due to a component that this plan has – a savings account and high deductible.

When you get a Medicare MSA, your plan will create a special savings account for you. Your plan will then deposit funds into this account, and you’ll be able to use them to cover medical expenses.

It’s a high-deductible plan, so there will be an initial period in which you will be paying your medical costs out-of-pocket. However, you will not be charged any more than the Medicare-approved amount when you are in the process of meeting your deductible.

The funds in your MSA can go toward your deductible so that you won’t have to pay every cost out-of-pocket. It can also be used for medical services Medicare doesn’t cover. Another benefit is that the money in your account remaining at the end of the year will not go away when the new year begins. You can continue to accrue savings throughout the time you hold your policy. But these funds are strictly for medical services, as you will need to fill out a form detailing how those funds were used, and you will submit this form along with your taxes.

Medicare MSA plans don’t have a premium, but you will still need to pay your premiums for Part B (and Part A if you did not get Part A premium-free). Another feature is that these plans do not have a provider network. You are covered as long as your healthcare provider accepts Medicare.

Find a MSA Plan Today

When it comes to quality experts you can trust, Covenant Medicare is your number one source for finding you great coverage at the lowest price. Reach out to us today to learn more about your Medicare Advantage options.

Talk with us about your medical needs

“This is a solicitation of insurance. By submitting this form, I agree to be contacted by a licensed insurance agent for the marketing of Medicare Insurance products (i.e., Medicare Advantage Plans (Part C), Prescription Drug Plans (Part D), and/or Medicare Supplement (Medigap) Products) and services. I’m aware the person who will discuss the products is a licensed and certified representative of Medicare Advantage organizations and/or stand-alone Prescription Drug Plans. Each of the organizations they represent has a Medicare contract. This individual may also be paid based on my enrollment in a plan. Enrollment in any plan depends on contract renewal. I am aware that the person who will contact me is not affiliated with or works directly for the Federal government. I understand that I may be contacted via telephone, email, text messaging, artificial or prerecorded voice messages, or automatic dialing at the contact information provided above (even if my number is currently listed on any state, federal, local, or corporate Do Not Call list). Carrier data use charges and rates may apply. I understand that my consent is voluntary and is not a condition of purchasing any goods or services, and that I may change my preferences at any time.”