MSA - Medical Savings Account
What's a Medicare MSA Plan?
An MSA (Medical Savings Account) Advantage plan is a combination of a high deductible insurance plan and a deposit made by the insurance company into a tax free account accessible by the policyholder. The client is responsible for all medical costs until the deductible is met. However, the insurance company makes a $2,520 deposit into an account on behalf of the policyholder. The policyholder can use the funds for medical expenses and those expenditures count towards meeting the deductible. The policy holder gets a new deposit each year they hold the policy. Unused funds accumulate in this account to the benefit of the policy holder. Those funds become the property of the policyholder.
The ability of the MSA account to accumulate funds leads to many interesting benefits. For example, excess MSA funds (an amount that can be determined by the policyholder) can be used for dental expenses, drug copays, and even be converted into a retirement account that can be used to enhance the policyholder’s retirement income; all without any tax penalty.
Finally, the premium cost of the Lasso Plan is zero per month.
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