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I recently received a mailer from Stockett and Associates that mentioned Medicare Savings Accounts.  I’ve never heard of these before.  Can you explain what these plans are and how they work?

Medicare Savings Accounts (MSAs) are the newest kind of Medicare Advantage plans.  MSA plans by law have $0 premium and offer access to the full network Medicare of doctors of hospitals.  Each year the client is issued a Medical Visa card with funds that can be used for medical expenses.  Each year there is an annual deductible.  This deductible varies by county.  The difference between the funds on the Visa card and the deductible is the member responsibility.  Any medical expenses that exceed the deductible are covered 100% by Medicare.  Also, any unused funds on the Medical Visa card roll over to the next year.  So, it is possible that after a few years the client could have saved enough in roll over funds so that the entire deductible is met.

MSAs plans offer a blend of Medicare Advantage (low premiums) and Medicare Supplement (full Medicare network).  They still require the client to purchase a Medicare Part D cover to insure a client’s medications.