Tuesday, 19 December 2006
Medical Savings Account For Medicare
This year WellPoint will start offering Medicare Medical Savings Accounts. These accounts will help senior citizens plan and manage their savings for future healthcare expenses.
Medical Savings Accounts (MSAs) are tax-deferred bank accounts, meaning deposits aren’t subject to Federal taxes. The money deposited earns interest over time. Withdrawals from the accounts can be made at any time, as long as they are for medical purposes.
MSAs are the forerunner of the popular Health Savings Account. They have been allowed under Medicare law for the past 10 years. But the WellPoint MSA plan is the first time they have been offered to Medicare beneficiaries.
“Medicare MSAs offer an important choice for Medicare beneficiaries in that they allow members to save for future healthcare needs and exercise direct control over how their health care dollars are spent,” said WellPoint president of senior services, Susan Rawlings.
Medicare enrollment began this year on November 15.
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