Medicare Medical Savings Account
Definition - What does Medicare Medical Savings Account mean?
A Medicare Medical Savings Account is a type of Medicare Advantage plan. It combines a high-deductible health plan (HDHP) with a medical savings account (MSA). Individuals on a Medicare MSA plan can initially use their savings account to cover healthcare expenses, and then have coverage through a high-deductible insurance plan once they reach their deductible.
Insuranceopedia explains Medicare Medical Savings Account
Medicare Medical Savings Account plans allow Medicare beneficiaries to have more control over how they use their healthcare options, while providing coverage for serious healthcare expenses. Some MSA provisions are waived to make the plans similar to other consumer-directed health plans.
Medical savings accounts allow tax-deferred contributions to be used to pay for a range of medical expenses. These funds can be used to pay for the deductible on the HDHP portion of the plan.
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