Medicare Savings Account Demystified

What Is A Medicare Savings Account (MSA)?

Medicare Works With Private Insurance Companies To Offer You Ways To Get Your Health Care Coverage. These Companies Can Choose To Offer A Consumer-Directed Medicare Advantage Plan, Called A Medicare MSA Plan. These Plans Are Similar To Health Savings Account Plans Available Outside Of Medicare. You Can Choose Your Health Care Services And Providers (MSA Plans Usually Don’t Have A Network Of Doctors, Other Health Care Providers, Or Hospitals).

Medicare MSA Accounts have 2 parts:

Medicare MSA Plans combine a high-deductible insurance plan with a medical savings account that you can use to pay for your health care costs.

  1. High-deductible health plan: The first part is a special type of high-deductible Medicare Advantage Plan (Part C.)
    The plan will only begin to cover your costs once you meet a high yearly deductible which varies by plan.

  2. Medical Savings Account (MSA): The second part is a special type of savings account. The Medicare MSA Plan deposits money in a special savings account for you to use to pay health care expenses. The amount of the deposit varies by plan. You can use this money to pay your Medicare-covered costs before you meet the deductible.


How do MSA Plans work?


Read about basic steps for using a Medicare MSA Plan.

  • What's covered?

    Medicare MSA plans cover the Medicare services that all Medicare Advantage Plans must cover. In addition, some Medicare MSA plans may cover some extra benefits like dental, vision, and hearing services. You may pay a premium for this extra coverage. 

  • Medicare MSA Plans don't cover Medicare Part D prescription drugs. If you join a Medicare MSA Plan and want Medicare drug coverage, you'll have to join a separate Medicare drug plan. 

Contact plans in your area for more information on what extra benefits they cover, if any.

Call the Buckley Agency to find plans that participate in your area.

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