Medicare beneficiaries in Mississippi will have a new type of Medicare Advantage Plan available for 2019. It’s called A Medical Savings Account Plan (MSA), and it’s being offered by Lasso Healthcare.
This is a high deductible plan, with a medical savings account to pay some of the medical bills before the deductible is met. It is important to know that this plan is primary coverage and not a Medicare supplement policy. However, you can purchase a hospital indemnity plan to pay some of your medical expenses before the deductible is met. The plan is a private fee for service plan (PFFS), which means there are no networks. The MSA plan does not have Medicare Part B prescription coverage, but you can add a stand alone Medicare Part D prescription plan. You can also add Dental, Vision and Hearing benefits for an additional premium.
On the plus side, the Plan has no premium, but you must continue to pay the Medicare Part B premium. The medicare beneficiary receives an annual deposit into a special MSA account to pay some of the medical costs. For 2019, the deposit will be $2,520. The money is to be used for to pay for doctor and hospital bills, and can be rolled over to the next year if it isn’t used. You can spend the money for anything you want to, but if you use it for non-qualified expenses you may create an income tax liability.
On the negative side, the plan has an $8,700 deductible per calendar year. You can use your yearly deposit to pay medical bills, but after the funds are exhausted, the rest is up to you. This leaves a potential liability of $6,180 per year.
This plan is not appropriate for everyone. People who enroll in this plan must be financially independent and willing to accept the risk of $6,180 out of pocket. They must also be comfortable dealing with medical bills.
Please call 662-844-3300 for information on this or any other type of Medicare or health insurance plan.