All beneficiaries of Medicare can gain enrollment in an MSA, or Medical Savings Account plan. A Medicare Advantage MSA plan combines a medical savings account and a high deductible plan.
Medicare provides the plan a dollar amount every annum for your healthcare. Then the said plan deposits part of this cash into your account. The amount of money deposited is lower than your deductible amount. However, once your deductible is met, your plan will begin to provide coverage.
Folks who enroll in Medicare Advantage MSA plans have the benefit of receiving health care from any hospital or doctor. That said, a few of the Medicare Advantage Medical Saving Account plans might have a network of providers.
The majority of the individuals with Part A and Part B coverage are eligible to join a Medicare Advantage MSA Plan. However, you will not be able to enroll if you:
- Qualify for Medicaid
- Currently receive hospice care
- Reside outside the U.S. for more than 183 days every year
- Have ESRD
- Have VA or TRICARE privileges
- Are a federal government retired worker and in the FEHBP (federal employee health benefits program)
- Possess health coverage that will cover the Medicare Advantage Medical Savings Account Plan deductible, including coverage from union retiree plan or an employer
What You Should Know Before Enrolling
Just as previously mentioned, you will not receive coverage from the plan until you meet your deductible. However, many of your out-of-pocket costs will count towards the deductible.
After you reaching your out-of-pocket threshold, your Medicare Advantage Medical Savings Account plan will be covering your health care (Medicare-approved) requirements in full.
Also, keep in mind that any cash left behind in your bank account at the year’s end will remain in your account, so will the deposit for the subsequent year.
For more information regarding Medicare Advantage MSA Plans, reach out to Temmen Insurance today.