MSA 101 – Lesson 2: How An MSA WorksFenyx Health2023-03-15T22:54:46+00:00
MSAs function on a few basic principles
MSAs are less common than other Medicare Advantage plan types. However, they are quite simple in operation:
1. The beneficiary chooses their level of benefit (the amount of deposited money) for the plan year.
2. The insurance company deposits the benefit money into the member’s special bank account.
3. The member decides how to spend, save or invest the money.
4. Medicare A/B expenses received from Medicare providers count toward the member’s plan deductible. The member is 100% responsible for these expenses, and can use their deposited funds, out-of-pocket funds or a combination of both.
A Fenyx Health Group MSA EXCLUSIVE:
5. Members receive more time to pay and extra savings when paying for plan-covered expenses under their deductible via our special financing program.
6. Once a member reaches their plan deductible, the insurance plan pays 100% of any additional Medicare A/B expense incurred from Medicare providers.
This gives members peace-of-mind in case of a catastrophic health event; their financial liability for Medicare A/B expenses from Medicare providers is capped at their deductible amount.
7. Provided the member stays in the plan through the end of the benefit year (12/31), they keep any leftover deposit money for future use.
This is one way members can grow their funds over time.
8. If the member renews for the following year, the new year’s deposit amount is added into their account.
This is another way members can grow their funds over time.
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