An MSA or Medical Savings Account, is a Medicare Advantage plan that includes a special savings account that you can use to pay for your medical services. Ohio Health Benefits can offer you an excellent choice of MSA plans.

How does an MSA work?

If you choose an MSA for your medical needs, your health insurance provider will set up an account for you with a well-respected, internationally recognized, financial institution. Then, at the beginning of each year, Medicare will deposit a prescribed amount of funds into this account. You will then be able to withdraw funds from your MSA account, as you need them for your medical needs. You can even use these funds to pay for some medical services not covered by Medicare. At the end of the year, any unused MSA funds will be rolled over for use during the following year.

What are the benefits of an MSA?

The biggest benefit of an MSA is that you pay only for those medical services you actually need, as you need them. The result in savings can be surprising. The funds in your account even earn interest. Once your deductible is met, your healt insurance provider will pay 100% of your health care services for that year. There’s never a monthly premium and you can choose any doctor or hospital you like, as long as they accept Medicare.

What are the costs?

While costs usually vary from plan to plan, you will not have a monthly premium to pay. However, you should count on paying a slightly higher deductible for an MSA plan. That is the amount you must pay out of pocket before your health insurance provider begins paying for your medical services.

Who should choose an MSA?

If you’d like to able to choose any doctor or hospital and if you like the idea of saving money on health care costs, then this plan might be a good one for you. Who is eligible? You are eligible for an MSA if you are entitled to Medicare Part A, (of if you enrolled in Part B and do not have end-stage Renal Disease), if you live in the plan’s service area and if you do not have other coverage that would pay for services before your deductible is met.

How do I choose an MSA plan?

The best way to choose an MSA plan is to compare companies, coverage and rates. At Ohio Health Benefits we feel we have created some of the most extensive and affordable MSA plans available today. We invite you to find out more.