NEW Medical Savings Account Plan for Medicare!
After clicking on the enrollment button: 1) enter your zip code, 2) choose plan year 2019, 3) choose Medicare Advantage only, and 4) enroll in Lasso Healthcare (MSA)!
** If you have questions about this plan please email them to Kyle directly rather than calling the insurance company. He will be able to answer all of your questions as well as tell you how this plan works relative to the RV lifestyle! Email Kyle by clicking here. **
If you have read my Medicare for RVers page then you know that I usually do not recommend Medicare Advantage plans for fulltime RVers because of the network restrictions associated with these plans. Instead I usually recommend Medicare Supplement insurance plans, also know as Medigap insurance for fulltime RVers as they provide excellent nationwide coverage with little to no out of pocket expenses to the insured other than your monthly plan premium.
However, there is one exception to this: Medical Savings Account (MSA) plans for Medicare enrollees. Although this is a Medicare Advantage (MA) plan (Also called Medicare Part C) it does not have the same network restrictions that is typical of MA plans. In fact, the one I am recommending allows you to see any doctor or hospital that accepts Medicare. Until now these plans have not been available. Starting October 15, 2018 we will have one available for January 1, 2019 effective dates.
There are NO NETWORKS to worry about with this plan so you are free to receive care wherever you want to nationwide. As long as the provider participates with Medicare then you are always considered covered! If a medical provider accepts Medicare then they are required to accept this plan (all members will receive a letter to present in the event a provider claims to not accept this plan).
What is a Medical Savings Account plan?
MSA plans are composed of two parts:
- A high-deductible Medicare Advantage plan
- A trust or custodial savings account (similar to a Health Savings Account for individual health insurance)
The MSA plan has two key factors:
- The DEPOSIT: Every January the plan will deposit a certain amount into your MSA account. These funds can be used for *qualified medical expenses right away. Additionally, a portion of the funds can earn interest above the account minimum. This amount accumulates each year less the amount you use. All unused funds in your MSA account roll-over year after year! Even if you leave the plan after the first year (or any year thereafter), any funds remaining in the account are yours to use tax-free on qualified medical expenses. Each member is given a debit account card that can be used immediately to pay for qualified medical expenses up to your MSA account balance.
- The High Deductible Health Plan: The premium for this plan is $0. The health plan will pay 100% of your Medicare-covered services once you reach the deductible. You will pay for all Medicare-covered services until you reach the deductible. You can use the deposit money to help you reach your deductible.
Sometimes, it’s easier to see a few examples in order to better understand how this type of plan works. There are only 2 components that explain what you need to know about a Medicare MSA plan: The deposit and the deductible.
In our examples, let’s assume a Deposit of $2,000 and a Deductible of $7,000.
EXAMPLE 1: Let’s say you have a $1500 claim in January 2019. You can use the $2000 in your MSA account to cover that and you would have $500 left in your MSA account. The $1500 gets applied to your annual $7000 deductible. So you have $5500 left to meet your deductible.
EXAMPLE 2: Let’s say you have a $3000 claim in January 2019. You can use the $2000, but then you have to pay the difference of $1000 ($3000 – $2000). The $3000 gets applied to your annual $7000 deductible (leaving $4000 left to meet). Let’s say you have ANOTHER $5000 claim in February 2019. Since there is nothing left in your MSA account you would have to pay the deductible balance of $4000 first and then the plan would start paying the rest of your claims in 2019 at 100%. Your max out of pocket is $5000.
EXAMPLE 3: Let’s take EXAMPLE 1 and assume you have no other claims in 2019. In January 2020 you would get another $2000 deposited into your account so you now have a total MSA account balance of $5000 + $2000 = $2500. As stated before this amount continues to roll-over if you do not spend it all. If you leave the plan at the end of the year then you can take your funds with you (they still must be used for *qualified medical expenses according to Medicare or the IRS will tax it)!
The plan’s monthly premium is $0! You continue to pay your Medicare Part B deduction from social security but there is no additional premium to be enrolled in this plan!
Who can join this MSA plan?
Applicants must meet all of the following criteria:
- Live in the MSA service area (RVers must hold residency in one of these states: TX,SD,AZ,UT,OK,MO,AR,IL,IN,ND,SD,MT,WY,MD,DE,PA,NC)
- Reside in the USA for 183 days+ per year
- Do not have other coverage that would cover MSA plan deductible, including benefits from employer, TRICARE, or the VA.
- Not eligible for Medicaid
- Do not currently receive Medicare HOSPICE benfits
- Do not have end-stage renal disease. There is no other medical underwriting associated with this plan so you can not be turned down for any health reasons (except for end-stage renal disease)!
If you are under age 65 and eligible for Medicare due to a disability then you are still eligible for this plan!
What can I combine with this plan?
- Prescription Drug Plan (Part D PDP)
- Dental, Vision and Hearing
- Cancer, Heart Attack and Stroke plans
- Hospital Indemnity Plan
Who is this plan right for?
Even though I still think Medicare Supplement plans are a better fit for most RVers, I would suggest that this MSA plan is ideal for anyone on Medicare who meets at least one of these scenarios:
- wants to maximize monthly cash flow by having a $0 premium plan and has some savings in case they need to meet their deductible before their MSA account has enough funds
- is living or traveling in rural areas where other Medicare Advantage plans don’t have providers
- travels throughout the country extensively (i.e. RVer) away from your “home base”
- is healthy or has a chronic health condition that makes qualifying for a Medicare Supplement plan difficult
- is under age 65 and is eligible for Medicare due to a disability
These are just my suggestions and are not requirements. I think this plan will suit a lot of fulltime RVers with varying needs nicely!
Not sure if this plan is a fit for you? Email Kyle and he will gladly help you to make that determination!
How do I get more information or enroll?
Fill out the form below and we will send you your personal enrollment link. Or you can click this link and enroll now! After clicking the link you will 1) enter your zip code, 2) choose plan year 2019, 3) choose Medicare Advantage only, and 4) enroll in Lasso Healthcare!
Click the image below to view the Summary of Benefits for this plan…
Below is an educational video (27 minutes long) about this plan…