Medicare: Additional Plans

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Transcript: Patients have access to a range of additional Medicare programs, plans, and savings options to help access essential healthcare services while effectively managing expenses or direct assistance to help pay for premiums, copays, coinsurance, and other expenses. Medicare Medical Savings Account Plans (MSA) are a type of Medicare Advantage Plan that includes a high deductible along with a medical savings account. MSA plans are optional, and availability may vary by location. They offer the same benefits, rights, and protections as Original Medicare (Parts A and B), but may also provide additional benefits such as vision and hearing care. MSA plans do not include Part D coverage, so you will need to purchase a separate prescription plan. Your MSA account will be established with a bank selected by your plan. Medicare provides the plan with money each year for your healthcare costs and the plan deposits this money into the MSA. The exact amount of money in your account depends on the plan you choose. The money in your account, along with any interest earned, is not taxed if the money is used for healthcare costs. You have the option to transfer the money to another bank. The MSA can be used to help pay for your healthcare costs, including services that are not covered by Medicare, such as dental or vision care. However, only money used for Medicare-approved covered services will count toward your deductible. If you use all the money within your account, you will be responsible for paying out-of-pocket for any additional costs until you meet your plan deductible. Any left over money in your account at the end of the year will carry over and can be used for future healthcare expenses. If interested, you can contact Medicare to see if this is available in your area. Another resource is Special Needs Plans (SNP) designed for individuals who are dual eligible, have a chronic condition, or require institutional or home nursing care. If you meet the qualifications for both Medicare and Medicaid, you are considered “Dual Eligible.” Dual Eligible individuals have the option to choose Original Medicare with additional coverage through Medicaid where Medicaid will pay for some of the Medicare costs, such as premiums, deductibles, and other out-of-pocket expenses. Alternatively, Dual Eligible individuals have the option to enroll in a Special Needs Plan (SNP), which is a type of Medicare Advantage Plan offered through Medicare-approved private insurance companies. These plans can vary based on location. They are helpful for individuals who may require additional assistance due to income, disabilities, age, and/or health conditions. Eligibility criteria for SNP plans are determined by states, so it’s important to check with your state before applying for a SNP. SNP plans include all the benefits of Original Medicare (Parts A and B) and must also provide prescription drug coverage. Many SNP plans offer extra benefits such as routine dental, vision, and hearing care. Other SNP plans for which you may qualify include Chronic Condition SNP (C-SNP) and institutional SNP (I-SNP). Chronic Condition SNP is for those who have one or more severe or disabling chronic conditions such as end-stage liver disease, dementia, chronic lung disorders, and more. Institutional SNP is for those who live in an institution like a nursing home or require nursing care at home. Medicare Cost plans are also available in some states. Cost plans are similar to Medicare Advantage Plans. They are provided by Medicare-approved private insurance companies and offer at least the same benefits as Original Medicare. Cost plans provide more flexibility, allowing you to use Original Medicare for coverage when you require care outside of the plan’s network. If you receive a service covered by Original Medicare outside the plan’s network, you will be responsible for paying the Part A and Part B coinsurance and deductible. You can enroll in a Medicare Cost plan even if you only have Part B. You can join a Medicare Cost plan whenever the plan is accepting new members, and you can disenroll at any time to return to Original Medicare. You can find out if a Medicare Cost plan is available in your area by using Medicare’s Plan Compare feature: www.medicare.gov/plan-compare. [The screen fades to show a thumbnail of a faded white background of a doctor holding hands with another individual] Deaf. Healthy. DeafHealth. Learn more at www.deafhealthaccess.org. [The screen fades to show a thumbnail of a blue lighthouse] Paf. Patient Advocate Foundation. www.patientadvocate.org.]