Medicare MSAs

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MSA stands for Medical Savings Account. MSAs are one type of Medicare Advantage plan that the U.S. Centers for Medicare and Medicaid Services, or CMS, partners with private insurance companies to offer. MSA plans combine a high-deductible Medicare Advantage Plan and a trust or custodial savings account (as defined and/or approved by the IRS). The plan deposits money from Medicare into the account. You can use this money to pay for your health care costs, but only Medicare-covered expenses count toward your deductible. The amount deposited is usually less than your deductible amount, so you generally have to pay out-of-pocket before your coverage begins. Each member in the same region receives the same deposit amount; your health or age won't affect the amount. Although the IRS considers the MSA a "trust" or "custodial" account, this doesn't mean someone else is in control. You own the money, and it is yours to use as you wish and at your direction.

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