Medicare Lasso is a high-deductible, network-free Medicare Advantage plan available in 35 states—but what does this all mean?
The first thing you need to know is that this is an excellent plan. With over an 85% annual return rate, there must be something about this plan that keeps people coming back, with new sign-ups every year.
Let’s break down the different benefits of Medicare Lasso so that you can decide if this new and exciting plan is right for you.
Medicare Lasso—The Basics
Lasso plans eliminate all avoidable out-of-pocket costs by saving your deductible and deposit payments and contributing it towards your healthcare fees. They are flexible and inexpensive.
As long as the service is Medicare-qualified, 100% of it will be paid by your Lasso plan. You will, however, be responsible for paying:
- Your Part B premium. Beyond this fee, you do not have to make any month-to-month expenses, only annual payments.
- All non-Medicare Qualified Medical Expenses (QMEs). These costs are still tax-free, but they will not be covered by your deductible. You can, however, still use your deposits to cover them.
- All non-Medicare, non-Qualified Expenses. These costs will be taxed, but you can still use your deposits for them. It includes expenses such as food, clothes, and anything else you want to use it for.
Medicare Advantage, MSAs, and Lasso Plans
Lasso plans are a type of Medicare Advantage MSA plan. Medical Savings Accounts (MSAs) are set up by your insurance provider to contribute money towards your out-of-pocket expenses.
Speaking of those out-of-pocket expenses, Lasso plans are unique in that they contribute to covered costs, and have a way of paying for those that are not.
This is due to their dual structure as both a high-deductible Advantage and MSA plan. For all of the regular benefits offered through the typical Advantage plan, you pay a yearly high deductible. This way, you avoid monthly premiums and instead pay one flat fee for all of it.
However, Advantage plans don’t cover everything, and you will still be faced with a lot of additional charges. That’s where the MSA comes in—once a year, you pay your deductible and a deposit. This deposit can be used anyway you like, including all of those out-of-pocket costs.
Unlike other Medicare Advantage plans, MSAs allow for healthcare from almost any provider without a network. Traditionally, Medicare Advantage plans rely on an established network of healthcare providers. With a Lasso plan, however, you are allowed to receive care from anywhere that accepts it.
Get The Most Out of Your Insurance Coverage
If you’re interested in such an exciting plan, we can match you with an excellent provider at a great price.
To learn more about the various Medicare plans on the market, or to start comparing your options in your area, give us a call today at 561-225-3022, or at 561-225-3633.