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Medicare Medical Savings Account – Medicare MSA
What is a Medicare Medical Savings Account?
Medicare MSA Plans have two parts: a high deductible health plan and a bank account. Medicare gives the plan an amount each year for your health care, and the plan deposits a portion of this money into your account. The amount deposited is less than your deductible amount, so you will have to pay out-of-pocket before your coverage begins. Individuals enrolled in a Medicare Medical Savings Account can receive health care from any doctor or hospital. However, some MSA plans may have preferred doctors and hospitals you could go to for a lower cost.
Covered Benefits under a Medicare MSA
| Medicare Savings Account (MSA) Plan | |
| Are prescription drugs covered? | No. You can join a Medicare Part D Plan to get drug coverage. |
| Do I need to choose a primary care doctor? | No. |
| Do I have to get a referral to see a specialist? | No. |
Additional Considerations before enrolling in a Medicare Medical Savings Account
- Money spent for Medicare-covered Part A and Part B services counts toward your plan's deductible. After you reach your out-of-pocket limit, your plan will cover your Medicare-covered services in full.
- Any money left in your account at the end of the year remains in your account along with the deposit for next year.
