The Medicare Advantage Lasso plan is a type of Part C plan provided by Lasso Healthcare. It is a Medicare Advantage Medical Savings Account plan. In this type of plan, the insurer deposits money from Medicare into the beneficiary’s medical savings account. The beneficiary then decides the health services they want to spend the money on, which can also be used towards the plan’s deductible. Medicare Advantage Lasso plans are available in about 35 states, including Mississippi.
Types of Lasso MSA Plans
There are two types of Lasso MSA plans, The Growth MSA plan, and the Growth Plus MSA plan. The Lasso Growth Medical Savings Account plan is suitable for enrollees who prefer to reduce their financial risk. The plan has lower deductibles and member responsibility amounts. The Growth Plus MSA plan is suitable for individuals looking to maximize the deposit amount.
The Growth MSA has a $2,000 medical deposit, $5,000 plan deductible, and a $3,000 member responsibility rate. The Growth plus plan has a $3,000 deposit amount, $8,000 deductible, and $5,000 member responsibility.
Also, the deposit and deductible amounts may vary based on when you enroll and when your coverage becomes active. The Medicare Advantage Lasso plan has no provider networks, meaning you can visit any doctor that accepts Medicare assignment. Also, the plan does not include prescription drug coverage. To get coverage for prescription drugs, you can choose a Medicare Part D plan.
What Are MSA Plans?
As mentioned previously, Medicare Medical Savings Account is a type of Medicare Advantage plan. MSA plans have a savings account with a high deductible to provide means of covering medical expenses. When you purchase an MSA plan, a fixed deposit amount will be paid into a savings account annually. You will then use this to pay for the healthcare services covered under the plan. Any amount left over at the end of the year will be added to the next deposit in the new year.
Any amount used for qualified medical expenses in an MSA is not taxable. To qualify for an MSA plan, you must be enrolled in Medicare Parts A and B. Some Part C plans do not enroll beneficiaries with End-Stage Renal Disease. To confirm your eligibility, contact a Medicare Advantage provider. Lasso MSA plans have four key features:
- No plan networks
- $0 premium plans
- No coverage for prescription drugs
- Annual deposits
Once you enroll for a Lasso MSA plan, you will receive a welcome packet and a membership ID card, among other items. You may also receive gift card rewards if you complete certain activities. After you reach the deductible, the plan covers all approved Medicare Part A and Part B services.