This Medicare Option Just Got a Boost From the White House
Healthcare is one of the biggest challenges that people face as they get older, and retirees in particular often struggle to cover the costs of their healthcare. Medicare is a key source of financial support for those 65 and older, with tens of millions of Americans using the program's benefits to manage their healthcare costs.
There's been a lot of debate recently about the role Medicare plays in America, with some seeking universal availability of Medicare benefits for all. Earlier this month, the White House offered its view, with President Trump signing an executive order enumerating his own positions about Medicare. Among them was a call to make it easier for Medicare participants to use medical savings accounts. MSAs have been available for a long time, but relatively few people use them. The Trump administration believes that an enhanced role for MSAs within the Medicare Advantage program could result in lower costs and more control for the Medicare participants who use them.
Medicare medical savings accounts look a lot like the health savings accounts that those who aren't yet eligible for Medicare can use with private plans. In order to use a Medicare MSA, you first need to participate in a Medicare Advantage plan rather than use traditional Medicare. The plan you pick has to be designed specifically for use with an MSA, with required policy provisions that include high deductibles you have to cover on your own before coverage kicks in.
Source Fool.com
