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Medicare Medical Savings Account - Medicare MSA Plans - Your Thoughts

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Honored Social Butterfly

Medicare Medical Savings Account - Medicare MSA Plans - Your Thoughts

Not well known and few people have these and they aren’t offered all over the country but I was wondering if you have any opinions on this type of Medicare coverage Insurance product - a different type of Part C - Medicare Advantage.

 

Very Interesting in how it works.  Not every MA insurer offers them - in fact only one or two insurers offer them and only in specific areas.  LASSO Healthcare is the largest one.

 

Medicare.gov - Medicare Medical Savings Account - Medicare MSA Plan

 

You need to read the whole Medicare.gov link to see how it all works but basically (from the link)

 

An MSA is a type of consumer-directed Medicare Advantage Plan (Part C)

 

These plans are similar to Health Savings Account (HSA) Plans like you’d get from an employer or the Marketplace. With MSA Plans, you can choose your health care services and providers (these plans usually don’t have a network of doctors, other health care providers, or hospitals).

 

Medicare MSA Plans have 2 parts:

MSAs combine a high-deductible insurance plan with a medical savings account to pay for your health care costs. You're responsible for handling the money in your account, including deciding whether to pay for health care services using your account funds or other funds you have.

 

1. High-deductible health plan: This is a special type of Medicare Advantage Plan. This type of plan only starts to cover your costs once you meet a high yearly deductible which varies by plan. 

 

2. Medical savings account (MSA): This is a special type of savings account. Medicare gives the plan an amount of money each year for your health care expenses. This amount is based on your plan. The plan deposits money into your MSA account once at the beginning of each calendar year. Or, if you become entitled to Medicare in the middle of the year and join a Medicare MSA Plan at that time, the plan will deposit the money into your account the first month your coverage starts.

You can use this money to pay your Medicare-covered costs before you meet the plan’s deductible. You can access the money using a checking account or special debit or credit card your bank gives you. Check with your plan for details. The yearly deposit and yearly deductible are pro-rated based on when your enrollment begins. MSAs may also pay for some qualified medical expenses.

It's Always Something . . . . Roseanna Roseannadanna
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Regular Contributor

Additional piece of info:  This does not apply to persons who are eligible for other types of care - notably veterans who are eligible for VA health care, and others.

https://www.cms.gov/Medicare/Health-Plans/MSA/downloads/MSAFactSheet-3-13-08.pdf 

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Honored Social Butterfly

That’s true and still is - but I am sure some have tried   😉

Not for CHAMPVA benefits either.  What a boondoggle that would create !

 

For the normal joe - if it is available in their area - what do you think about it?

 

 

It's Always Something . . . . Roseanna Roseannadanna
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