Geisinger Gold Reserve Medicare Medical Savings Accounts.....A Simplified Explanation!

Medicare Medical Savings Accounts.....A Simple Explanation 

Step 1) A checking account is created for the client, and $1500 is deposited in that account by the Insurance Company.

Step 2) When the initial deposit of $1500 from the company is spent on health care expenses, the beneficiary will then be responsible for the next $1500 of medical expenses.

Step 3) After the total of $3000 is spent out-of- pocket, the beneficiary has now met their deductible for the year. All Medicare Part A and Part B expenses are covered by the plan for the balance of the year. 

Any money that is not used from the initial company deposit of $1500 is rolled over each year with no limit. 

Key points about Geisinger Gold Reserve plan: 

• See any health care provider that accepts Medicare and agrees to see you.  
• Reserve (MSA) is a high deductible Medicare Advantage Plan which is paired with a bank account that can be used to pay for qualified medical expenses.  
• Pay no Reserve (MSA) plan premiums (members must continue to pay their Medicare Part B premiums)  
• Annual deductible applies  
• Receive $1,500 from Geisinger Gold to help pay for medical expenses and help offset the deductible  
• Covered medical expenses taken care of by Geisinger Gold after deductible is met  
• Rollover money in the Medical Savings Account to be used for qualified medical expenses in later years  
• Prescription drug coverage is not included in this plan. You can add prescription drug coverage for an additional cost by joining a stand-alone plan  

By Joe DeAngelis

Joe@MyMedicareQuotes.com

www.MyMedicareQuotes.com