Medicare Advantage is more than just HMO and PPO plans. Medicare Advantage MSA (Medical Savings Account) programs are also available. These plans, which are provided by Medicare-approved private insurance firms, combine a savings account with a high-deductible health insurance policy. The following are Medicare Advantage MSA plans’ salient characteristics:

High-Deductible Health Plan

An annual maximum that varies from year to year is the high deductible that MSA plans have, which you have to pay for eligible services out of pocket before the plan begins to provide coverage.

Savings Account

Special savings accounts are included in MSA programs. Medicare does not allow you to contribute to the annual sum that is deposited into this account. You can use these funds to cover medical costs up until the amount of your annual deductible. But keep in mind that the deposit is typically less than the deductible amount specified by your plan.

Out-of-Network Coverage

Generally, MSA plans lack a provider network. Any Medicare-approved provider who accepts Medicare assignment may provide you with care.

No Prescription Drug Coverage

Medication coverage is not offered by MSA policies. If necessary, you can sign up for a different Medicare Part D plan that is standalone.

Cost-Sharing

The MSA plan usually pays 100% of Medicare-covered services for the balance of the year after you hit your yearly deductible. The Medicare Part B premium and any applicable coinsurance or copayments are still due, though.

Unused Funds

At the end of the year, any money still in your MSA can be carried over to the next one. As a result, you can gradually add funds to the account.

Is an MSA Plan Right for You? Let’s Find Out!

Not everyone is a good fit for an MSA plan, so how can you tell if it’s the correct option for you? A resource is the Insurance Corner Medicare Group. We have all the information required to support you in making wise choices. Make an appointment right now with us!