Information regarding insurance policies and the services each company provides can be quite confusing, especially in terms of financing and eligibility. People often avoid getting into any program because they have a hard time understanding them. However, we at Generations Insurance are here to help you.
What Is a Medicare Medical Savings Account?
Medicare, as we know, is a federal insurance program designed for the citizens of America. It’s an insurance program that aims to assist people with the cost of medical assistance and treatment. However, in this case, Medicare works with private insurance companies to provide patients multiple ways of obtaining health care coverage.
In short, these insurance companies often have the flexibility of choosing to offer a patient consumer-directed Medicare advantage plan, which is also known as the Medicare MSA plan. A consumer can also have the flexibility of choosing their health care services and providers.
Two Parts of MSA
Medicare MSA plan combines a high-deductible insurance plan along with a medical savings account so that you can use it to pay off your health care costs. There are two factors you need to keep in mind;
- A high-deductible health plan is the first part of this Medicare plan. This plan only works to cover you if you have met the high yearly deductible cost requirements, which can vary according to the plan chosen.
- Medicare MSA is the second part of this Medicare plan. It is considered as a special kind of savings account. The plan deposits money into your account. You can use it to pay off your healthcare costs before you have to meet the yearly deductibles.
What Does It Cover?
Of course, the common question that comes to mind when looking into any plan is what it covers. Well, the Medicare MSA plan initially covers the Medicare services that all Medicare Advantage Plans originally cover. Other than this, some Medicare MSA plans often cover additional services/benefits such as dental, vision, and long-term care. However, these benefits do come with extra costs.
Contact Generations Insurance For Expert Advice
We understand these plans may seem a bit overwhelming. However, there is no need to panic. We at Generations Insurance have specialists who can assist you with anything. If you still have any concerns or questions, reach out to us today.