Medicare Savings Account
Medicare Medical Savings Accounts (MSA) are a type of Medicare Advantage policy. There are two important components that make up MSA Plans, so let’s discuss the specifics and whether or not this insurance option is right for you.
High-Deductibles
MSA Plans have a high-deductible structure. In order for your policy to pay for medical expenses, your deductible for the year will need to be met. One of the biggest variations that exists with this type of policy is how much the deductible is. While all MSA Plans require a high-deductible, some plans may be more expensive than others. Below we’ll discuss how you can pay for your deductible and whether or not you’ll need to pay out-of-pocket.
If you’re concerned about what the high-deductible could mean for your family, know that MSA Plans are intended to save you money on medical costs. There are many benefits to Medicare Advantage policies, as they come with different options and provide you with access to a variety of healthcare professionals.
Savings Accounts
The second, and perhaps most important component of MSA policies, is the savings account. MSA Plans deposit money into the savings account and that money can be used to cover medical expenses before you meet your deductible.
MSA Plans are an excellent combination of benefits, care and planning ahead. They allow you to add benefits that Original Medicare Plans wouldn’t, while still having an option to cover part of your deductible. The savings account allows you to plan ahead for the future and know how much money has been set aside. If your savings account runs out before your yearly deductible has been met, you’ll be required to cover the remaining costs out-of-pocket.
