Medicare Medical Savings Account Plans
MSA plans work in a combination of a high-deductible insurance plan and medical savings account which is designed to cover your out-of-pocket medical costs. HDHPs include a large deductible amount that you are obligated to pay in full in order to receive coverage. After you meet the deductible, the HDHP covers 100% of your costs for the rest of the year.
As previously mentioned, MSA plans also include a bank account. In this bank account, the plan provider deposits funds every year for your medical costs. Then, you can use these funds to pay the deductible. Just know that the amount the plan provider contributes is less than the deductible.