While HMOs and PPOs are the most common types of Medicare Advantage plans, Medicare Medical Savings Account (MSA) plans are another type of Medicare Advantage plan that Medicare beneficiaries can look into.
A MSA plan combines two parts to pay for your health care costs: a high-deductible plan and a medical savings account.
High-Deductible Health Plan – This part of the plan will only start to cover your costs once you meet the high yearly deductible. The deductible will vary by plan.
Medical Savings Account – The MSA plan will deposit money in a savings account that you can use to pay for health care expenses. This amount can also be used to cover costs before you meet the high deductible. The amount of the deposit will vary by plan.
MSAs will also provide the same coverage as Original Medicare (Parts A and B), and may also include additional coverage, such as:
MSA plans will not cover prescription drugs. If you join a MSA plan and want prescription drug coverage, you’ll have to join a separate prescription drug plan.
MSA plans don’t charge monthly premiums, but you may have to pay an extra premium for any additional benefits your plan may offer. You will also be responsible for paying your Medicare Part B monthly premium.
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