Medical Savings Accounts

Medicare savings accounts.

This is a type of consumer directed Medicare Advantage plan or Part C that is similar to health savings accounts.

With a MSA account, you are not in a network of doctors or other health care providers or hospitals.

MSA is combining a high deductible insurance plan with a medical savings account to pay for your health care expenses.

You are responsible for handling your account, including deciding whether to pay for your health care services, using your account funds, or using other funds, you may have.

MSAs are composed of two parts. The high deductible health plan. This is a type of high deductible plan that only starts to cover your cost for health care after you have met a yearly high deductible.

These deductibles can vary by plan.

Medical savings accounts.

This is a type of savings account where Medicare will deposit money into your account each year for your health care expenses.

The amount is based on your plan is deposited into your account once a year, beginning of the year or calendar year, once a year, beginning of the year or calendar year,

or you're entitled to Medicare in the middle of the year based on your birth date and your joining and MSA at that time.

The plan will deposit money into your account the first month that your coverage starts.

You can use this money to pay for uncovered expenses until you meet the plan's deductible.

Again, you should check with your plan provider.

The yearly deposit and your yearly deductible are pro-rated based on when you're re-enrolled, it begins.

Contact the plan.

You're interested in joining for enrollment.

Go to this website, medicare.gov to see what plans are available in your area.

They will give you instructions as to how to set up the account and the think that that plan chooses.

You must set up the account before enrollment can be processed.

You will receive notification when coverage begins.

Are there other insurances that can work with your plan, such as dental and vision?

Are there any preventative services that need to be met prior to meeting the deductible?

You can't enroll in the MSA plan if you're on Medicaid.

You have health coverage that would cover the Medicare MSA deductible, including benefits under employer or union retiree plans.

You do on another Medicare Advantage plan or you get benefits from the US Department of Defense, which is TRICARE

or, the U.S. Department of Veterans Affairs.

If you're a retired federal employee and part of the Federal Employee Health Benefits Program,

and if you're currently getting hospice care, if you live outside the US 183 days of the year.

You can leave a MSA plan, if you change your mind.

You can cancel your enrollment by December 15th of the same year of your enrollment during the open enrollment.

If you would like to choose another health drug plan.

After December 7th and after December 15th,

you can only return to the original Medicare Part A and Part B.

If you leave the plan before the end of the year,

no more money will be deposited into your account because a yearly amount was deposited into the account at the beginning of the year.

You will need to reimburse Medicare part of the most recent yearly deposit.

Your MSA account can be canceled or disenrolled by Medicare if you get Medicaid, you enroll in a federal employee health benefits plan,

you get benefits from the U.S. Department of Defense,

you get benefits from the U.S. Department of Veterans Affairs,

you get benefits that cover the MSA plan deductible and you move outside the service area of the plans for more than six months.

Important point to remember about the MSAs.

These plans do not have a monthly premium.

However, you must continue to pay your part B premium.

you will need to determine if you need a prescription coverage plan,

at which point you will need to enroll in a separate Medicare prescription plan Part D, standalone.

You don't have to choose a primary doctor, nor will you have to get a referral to a specialist.

MSA plans to cover the Medicare services that all Medicare Advantage

plans must cover.

They may also provide additional benefits such as digital, dental and hearing services.

However, it's possible you may have to pay a premium for the extra coverage.

Here is important to note,

your plan cannot charge more than the original Medicare for certain services like chemotherapy, dialysis and skilled nursing facility care.

If your plan gets you prior approval for treatment,

the approval must last for as long as the treatment is medically necessary.

Additionally, your plan cannot require you to get additional approvals for that treatment.

If you are in the middle of getting treatment and you switch plans, you have 90 days before the plan

can require you to get a new prior approval for your ongoing treatment during the time you are paying out of pocket for services

before your deductible is met,

your medical providers cannot charge you for more than the

Medicare approved amount.

If you do not use all of the money in your account at the end of the year,

the remainder will remain in the account for future year costs.

As always, remember to review your plan

and speak to your health care providers about your current and ongoing treatment.

Make necessary changes accordingly.