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Medicare Advantage MSA Plans

MSA plans are unique Medicare Advantage policies which combine a high deductible with a medical savings account. With MSA plans, a lump sum of money is deposited into a special bank account for you. These funds can then be used to pay for your health care expenses

Beneficiaries are not permitted to deposit money into their MSA savings accounts themselves. However, if you have money left over at the end of the year that you didn’t use, it stays in your account and is added to the next year’s deposits. Once this amount reaches a certain level, the balance can be invested and potentially grow over time. 

Only costs that are covered under Original Medicare (Part A and Part B) count towards your deductible. Since this amount is set relatively high, you will usually have to cover some out-of-pocket expenses before your plan’s coverage kicks in. This is an important consideration to keep in mind when considering this plan.

Who can you get coverage from?

MSA plans don’t have a network of physicians and hospitals. Though a doctor can refuse to accept a patient with an MSA plan, he or she will receive the same compensation from an MSA that they would receive from Medicare. 

So while physicians are not required to accept patients with an MSA, they may be more willing to do so once they understand that they will be compensated the same amount for their services as they would be with Original Medicare.

Do you get prescription drug coverage?

MSA plans do not offer prescription drug coverage, so if you would like coverage, you must enroll in a stand-alone Medicare drug plan.

Do you need a referral to see a specialist?

MSA plans do not require you to get a referral to see a specialist. Additionally, you do not need to choose a primary care doctor if you don’t want to. 

While MSA plans are not the most popular Medicare Advantage plan on the market, they can be a good option for certain individuals, as they permit you to see any provider that accepts Medicare

So who might be a good fit for a MSA plan? Since these policies provide you money that can be used for any qualified healthcare expense, MSA plans can be a good fit for beneficiaries who see providers that do not accept Medicare

However, it’s always a good idea to review a plan’s Summary of Benefits and FAQs before enrolling. That way, you can be sure that you understand all of the details and benefits offered by these unique plans.

If you would like to learn more about MSA plans, or you simply want to explore your Medicare options, reach out to an experienced insurance agent at Medicare Plans Direct.

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