MSA Plans
Medical Savings Account (MSA) is a type of Medicare Advantage plan that provides benefits with a savings account for you to use for your out-of-pocket costs.
Medicare Advantage and MSA Plans
Medicare Advantage combines all of the benefits of Original Medicare with cost-saving networking and structures. Medicare Medical Savings Accounts (MSAs) cover your costs differently than other Advantage plans, but similarly to healthcare savings plans outside of Medicare.
MSAs are a high-deductible health plan, which means that it will only cover your medical costs for the year once you meet its high deductible. The exact amount you pay varies by plan, but the reasoning behind the high deductible is to keep your monthly premium costs much lower in comparison.
How They Work
As the name implies, Medical Savings Accounts (MSAs) also use a special savings account. Your plan will make deposits into it for you to use for healthcare expenses. Different plans will contribute different amounts, so it’s important to make comparisons between plans available in your area before you decide on one.
You can use these funds to pay for healthcare costs before meeting your high deductible, so you don’t necessarily have to pay your deductible every time you need care—making it a flexible and affordable option.
What MSAs May Cover
The main function of a Medical Savings Account is to lower your overall out-of-pocket costs and monthly premium payments for your healthcare. But it may include some additional benefits as well.
First, know that every Medicare Advantage plan (MSA included) is required by law to cover all of the same benefits as Original Medicare. This includes short-term hospital and nursing care, as well as general medical needs for treatment and preventative care.
On top of that, MSAs may cover:
- Limited dental, vision, and hearing
- Prescription drugs
- And more!
Find a Great Plan for a Great Price
If you’d like to find an MSA plan of your own, or just want to learn more, we can help. Call Priority Health Insurance Services at 626-966-1098, or email info@priorityhealthins.com.
