Medicare Advantage MSA 2020
Advantage plans are available in a few different varieties that are great for people with very limited budgets. If you cannot afford the monthly premiums of your average Medicare Advantage plan, then you may want to look into the Medicare Advantage MSA 2020 options. These are just like your typical Advantage plans with its high coverage, but they offer a more economical way to go for certain seniors.
How MSA Works
MSA stands for Medicare Savings Account plan. It provides you with a saving account that is sent money periodically by the plan. This feeds into an account that can be used to pay for medical expenses you accumulate over the course of the year. You will have a deductible to pay on the MSA plan before you can receive any coverage, but you can be using the savings account funds the entire time to pay off the cost of various medical expenses. You do not have to wait until the deductible is met to start benefiting from the savings account and using its funds to cover your healthcare costs.
MSA plans are available through most medical insurance providers. They may all charge different prices for the MSA plan, and their MSA could cover different healthcare costs for you.
Medicare Advantage Plans Cover You Well
With an MSA plan, you will be covered for Medicare Part A, Medicare Part B, urgent care, emergency services, vision services, hearing services and more. You can be covered for routine checkups, for corrective lenses, for many of your doctor’s visits, for all ambulatory care and for emergency room treatments. MSA plans will not cover you for Medicare Part D drug plans, so if you need that kind of prescription drug coverage, then you will have to sign up for a separate plan to provide that for you.
A lot of the long term care that is not included in the base Medicare plan will be covered by an MSA plan. This can drastically reduce your medical expenses and give you some coverage similar to a Medicare Supplement. So, if you have a Supplement plan, you can get rid of that when you sign up for the MSA, since the coverage will overlap and the two plans will not be compatible.
There may be other plans that are not compatible with an MSA, so if you have any questions about compatibly and plan overlap, then you can always call us and get free advice on the subject. In general, though, any healthcare plans that come from your employer, union or a trust fund will not be compatible with Medicare Advantage. They will have some overlap and cause you to pay for the same coverage twice, so you will not be able to have both that plan and the MSA plan at the same time.
How You Can Sign Up
You can get an MSA plan only if you meet the requirements. This generally means that you have an active Original Medicare plan and that you are 65 years old. If you meet the special requirements for early Medicare approval, such as having a disability, then you can get an MSA plan earlier than age 65 as well. You will also need to be residing in the coverage area for the network with whom which you are wanting to sign up for. If they do not have any network cover that extends to where you live, then you won’t be able to sign up for their Medicare Advantage MSA 2020 plan, in most cases.
What to Know about MSA Plans
You should be aware that MSA Advantage plans are considered to be high deductible plans. This means that you will need to pay quite a bit to meet the deductible for the year before your coverage plan will kick in and start to cover you. Remember that if you cannot meet that deductible and you still have medical expenses to pay, then you can always draw from the savings account attached to the plan to pay for your healthcare costs, so long as there is still money in there to draw from.
How high the deductible is dependent on which MSA plan you sign up for. Each insurance company has their own rates that they change and their own deductible that they set. These prices can change from time to time, so check back with us on our website to see what the rates are currently. We give you up-to-date pricing that reflects your current coverage area. The prices will differ from one location to another, so make sure you are getting local rates and not national averages.
The Cost of an MSA Plan
How much will you end up paying for a Medicare Advantage MSA plan? That all depends on which insurer you sign up for. Since there isn’t any standardized pricing for these plans, the prices will be all over the peace. You can use our site to see where they are currently, but the average rates tend to be $130. This is only the average, though, so prices can vary widely one way or the other. Since these tend to be high deductible plans, though, the average rate will be a bit lower than that of your typical Medicare Advantage plan. As the rates change over time, you will want to compare them and ensure that you are getting the best deal.
Medicare Advantage MSA 2020 is worth a look for any senior who qualifies. If you are not sure if you qualify, if you want to know more about your options or you just need some help figuring out what kind of plan would be best for you, then please don’t hesitate to get in contact with us. We would be happy to assist you in any way that we can. Be sure to check back with us regularly to get updates on new healthcare plans, updated prices and changes to Medicare Advantage MSA.
Compare 2020 Medicare Advantage Plans