Who can access a Medicare Medical Savings Account?
It is possible to be qualified for Medicare and not be qualified for a Medicare Savings Account. You are not qualified to access MSA if:
- You’re eligible for Medicaid
- You possess health plans that can pay for all or part of your deductible annually.
- You have end stage renal disease
- You have stayed in other countries other than the U.S for 6 months or more
- You’re in hospice care
It is important to ask two questions before applying for an Medicare Savings Account:
- What is the deductible? MSA plans usually have a high deductible.
- How much will Medicare deposit every year? You can deduct the deposit from the costs of the deductible to calculate what you’ll pay before Medicare covers your care. If the deductible is $4,000 and Medicare is paying $1,000 to your MSA, you will have to pay the remaining $3,000 out of pocket before your care is attended to.