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.
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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.
