Verna Knight, MBA

Licensed Insurance Agent

What is a Medicare Savings Plan?

Are you on the verge of deciding if a Medicare Savings Plan is right for you? Still uncertain what you need to do? Well, you got the right page. We will help answer your questions here and definitely aid to explain what your options are and what’s the right fit for you. Learn more about Medicare Savings Plan below.

Knight and Day Solutions.

A Medicare Medical Savings Account (MSA) plan is a subset of a Medicare Advantage plan (Part C). People who want more control over their health care dollars and decisions may benefit from this type of plan. Along with this freedom comes some responsibility.

The Medicare Savings Account, or MSA, is a government-sponsored health insurance program that allows individuals and families to save money on medical expenses. Medicare account holders can deposit any amount of money from Social Security taxes into a medical bill-paying account. The interest earned on these deposited funds is paid directly to beneficiaries as part of their monthly Medicare Trust Fund benefits. Medicare savings accounts are ideal for people who want easy access to and control over how their healthcare dollars are spent. The primary benefit of an MSA is that it allows for tax-advantaged income growth. This means that funds saved in an MSA are not taxed until they are withdrawn.

VITAL PARTS TO MEDICARE MSA PLAN:
● Special Bank Savings Account
● High-Deductible Health Plan


KIND OF MEDICARE SAVINGS PROGRAM
● Qualified Medicare Beneficiary (QMB) Program
● Specified Low-Income Medicare Beneficiary (SLMB) Program
● Qualifying Individual (QI) Program
● Qualified Disabled and Working Individuals (QDWI) Program

Still don’t know what’s right for you? Don’t worry, we will connect you to our licensed insurance agent who will explain all options in a single appointment. Yes, you heard it right! Click here for a free consultation:

Or call: 423-316-7207


Sources:
https://www.medicare.gov/your-medicare-costs/get-help-paying-costs/medicare-savings-progra
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