“Medicare Quick Bites” is your weekly treat of Medicare information. Hawaii SHIP has created these bite-sized lessons to help you understand this complex federal health insurance, thus “Making Medicare Digestible!” Follow us on Facebook or Twitter to get your weekly delivery of Medicare Quick Bites! This week’s treat is Medicare Medical Savings Account or “MSA.”
MSAs are a type of Part C Medicare Advantage plan. These plans usually don’t have a network of doctors, other health care providers, or hospitals. The plans also don’t cover prescription drugs; enrolling into a Part D Prescription Drug plan is recommended. Important things to note are:
- MSA plans don’t charge a premium, but beneficiaries must continue to pay the Part B premium.
- The plan will cover costs once the high yearly deductible is met.
- Some plans may charge a premium if they cover extra benefits, like dental, vision, and hearing services.
- Lasso Healthcare is the only company that sells MSA plans in Hawaii.