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MSA Plans
Medicare Medical Savings Account (MSA) plans are a type of Medicare Advantage plan that combines a savings account and high-deductible health plan. Your plan provider will deposit money into the savings account and you can use what is deposited to pay towards your deductible. Once the deductible is met, you will receive 100% coverage from your plan for the rest of the year.
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What Should You Know About MSA Plans?
MSA plans will provide you with the same coverage as what you would receive from Original Medicare (Parts A and B), which includes inpatient and outpatient coverage. They may also provide you with additional benefits:
- Dental, vision, or hearing coverage
- Memberships to a gym
- Nutrition and wellness programs
- Transportation to doctor appointments
- Adult daycare services
The area you live in and the plan providers available will determine which of these benefits you will be eligible for.
Other important information to note about MSA plans is:
- You must be enrolled in Original Medicare first before you can join a MSA plan
- You are not able to deposit your own money into the savings account
- The amount of money deposited into your savings account will always be less than your plan’s deductible. If you spent all of the money in the account, you will have to pay out-of-pocket until you meet the deductible
- If you happen to have money still left in the account at the end of the year, it will rollover and stay in the account for the next year
- MSA plans do not provide prescription drug coverage, but you can join a standalone Part D plan
When Can I Enroll?
You can enroll in a MSA plan by using one of Medicare’s enrollment periods:
- Initial Enrollment Period
- Annual Enrollment Period
- Special Enrollment Period
- Medicare Advantage Open Enrollment Period
Is MSA Right For You?
If you’re interested in learning more about your Medicare Advantage options and want to determine which plan is right for you, then give us a call today at 844-657-0231. Insured For Life is here to answer all of your questions and will find the coverage you need.
