You and your clients are probably familiar with Health Savings Accounts, where members pay for eligible medical expenses from a savings account contributed to by an employer. But what about a Medical Savings Account? A Medical Savings Account (MSA) works fairly similar to an HSA, except that it is used for Medicare-eligible expenses.
MSA plans from LASSO Healthcare will be available in Minnesota for 2020, and LeClair Group can help you expand your portfolio with this exciting new product. With a MSA, your clients can take control of their Medicare expenses, it’s their money so they should be able to use it the way they want.
MSAs are essentially a high-deductible Medicare Advantage plan that is paired with a specialized savings account that enrolees can use to pay for certain eligible expenses, such as copays, coinsurance, and hospital stays.
At the end of the year, any unused funds within a MSA will be given to the member, so there is no need to worry about the “use-it-or-lose-it” mentality.
Unique features of an MSA plan is that they have a $0 premium, and do not have a network.
Members will enroll in one of three high deductible health plans, which rare then paired with the MSA. Each year LASSO Health will deposit $3,240 into a member’s MSA, which can be used for any eligible Medicare expenses. Once a member reaches their deductible, LASSO will pay 100% of Medicare expenses.
LASSO Healthcre’s MSA plans
LASSO Health also offers a Hospital Indemnity plan, which can be paired with the MSA plan.
Additional value adds of LASSO Health includes the For Your Health incentive program, which enables members to earn gift cards by:
- Completing a health survey
- Sharing their lab results
- Seeing their provider
For agents, it’s important to remember that since MSAs are technically a Medicare Advantage plan, AHIP certification is required, in addition to product-specific training, including an exam.
On the surface, an MSA may seem like a very simple, straight forward product. However, since it is new, and has certain eligibility requirements, it may not be perfect for every client. MSAs are a great option for the following clients:
- Financially or physically fit individuals
- Travelers / snow birds
- Those with a financial plan for managing their medical costs, such as those with diabetes
- Anyone who has experience with an HSA, and routinely has funds left over
LeClair Group ensures your business gets the backing it needs to deliver fast, high-quality service to your clients. Better together, our expert sales desk team are here training and supporting your sales.
To get appointed with LASSO Healthcare, contact LeClair Group at 651.739.2010, email email@example.com. Contact LaRae Mills or Weston Peterson on LeClair Group’s Medicare team with any additional questions.
Register now to attend a webinar with LASSO Healthcare on September 30 at 10:00am to learn more about how MSAs work, and why they are a great alternative for your clients.
Also, refer to the following resources for more information on LASSO Healthcare’s MSA plans: