Medicare Savings Account

Sometimes the Original Medicare plan option doesn’t offer all of the advantages you need to maintain your health cost effectively.

If you aren’t happy with the limited offerings of Original Medicare, consider a Medicare Advantage MSA plan. These plans combine a high-deductible insurance plan with a medical savings account that can be used to pay for any health care costs.

Curious about this unique form of Medicare Advantage coverage? Keep reading to learn more.

What is Medicare Advantage?

If you weren’t already aware, Medicare Advantage plans are an alternative to Original Medicare. They are sold by private insurance companies that have contracted with Medicare. Through Medicare Advantage plans, you can receive more benefits than you would with the traditional Medicare package. Additionally, all of your benefits are bundled into a single plan, making them easier to manage.

Medicare Advantage MSA Plans

Medical Savings Account (MSA) plans are a unique form of Medicare Advantage plan that allows you to save money in an account. Though, one of the important parts of this plan that you must understand is the high-deductible component. This part of the plan requires you to pay a certain deductible before Medicare-covered services can be covered. Here’s how the two pieces of the plan work together:

Medicare provides your plan with an amount of money each year.
The money Medicare provided is deposited into your MSA account (you can’t deposit your own money into the account).
Funds used from Medical Savings Accounts toward Medicare Eligible expenses count towards the plan’s deducible.
If your account is empty and you have more health care costs, you must pay those costs out-of-pocket until you’ve met your plan’s deductible.
If you are paying out of pocket, providers are not allowed to charge any more than the Medicare-approved amount.
Once you meet the deductible, your plan will cover approved services.
At the end of the year, any money remaining in your account will stay there. This money can be used to pay for future health care costs.

Medicare MSA Plan Network

With MSA plans, you aren’t tied to a network of providers. Though, you can get Part A and Part B-covered services from any Medicare-eligible provider in the U.S.

Start Comparing MSA Plans

A Medicare Medical Savings Account plan can be difficult to find without the right assistance. At Magellan Healthcare, we’ve helped plenty of people find an appropriate Medicare Advantage plan that suits their specific needs and interests. To start comparing quotes on coverage in your area, please contact us today!