Medicare Medical Savings Account Plans

There are several Medicare Advantage plans you can choose from, including the Medicare Medical Savings Account plan. If you’ve heard of a Health Savings Account plan, which you can usually get from your employer, you’re familiar with the MSA and how it works.

Medicare Part C MSA Benefits

Medicare Part C plans usually have a rather high deductible. This means your Medicare Part C plan doesn’t cover your expenses until you meet the deductible. The other part of your MSA plan is a Medical Savings Account. You can use the money that accumulates in your MSA account to cover your out-of-pocket medical expenses before you meet your deductible. 

What MSA Medicare Part C Plans Cover

Like all other Medicare Part C plans, MSA plans cover everything Medicare Part A and Part B cover, plus special benefits, such as dental, hearing, vision, and health/wellness benefits. MSA Medicare Part C doesn’t include Medicare Part D coverage. If you need prescription coverage, you may have to purchase a separate Medicare prescription coverage plan, which the specialists at Senior Insurance Representatives can help you choose.

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How Medicare Part C MSA Plans Work

Since Medicare Part C MSA plans are a little different from standard Medicare Advantage plans, you should know how they work:

  • After selecting a high-deductible Medicare MSA Plan, you set up your MSA with the plan’s bank. 
  • Medicare pays the plan the set premium they pay all Medicare Advantage plans, and the plan puts some money in your MSA.
  • As you incur doctor and hospital bills, you can pay them from the funds in your MSA. If the charges are Medicare-covered, they count toward your deductible.
  • If you use all the funds, you must pay the expenses out of your own pocket.
  • Once you meet your plan deductible, your insurance plan helps pay the doctor and hospital bills. 
  • If you have any money left in your MSA at the end of the year, it rolls over for you to use the next year.

You don’t pay taxes on the funds deposited in your MSA as long as you use the funds for qualified medical expenses. You cannot deposit additional funds in the account, though. If you use up the funds from Medicare, you must use your own funds for the expenses. 

Are you Ready to Learn More?

Are you interested in the Medicare Advantage plans, including the Medicare MSA? Call Senior Insurance Representatives today. We’d be happy to help you choose the plan that suits your medical needs and your budget today. Call us at 1-800-327-7888.