Lasso Healthcare Medicare Medical Savings Account (MSA) Review

Just last year, a brand new healthcare option released for seniors in central Illinois. This new option is called a Medicare Medical Savings Account, or MSA for short. Until now, no company has ever offered this option in Decatur, IL.

Lasso Healthcare joined the Medicare conversation by offering a unique Medicare Advantage product that combines high-deductible health coverage with a special savings account.

Every year, that savings account is funded with a deposit.

You can use that deposit for qualified medical expenses – even things Medicare doesn’t cover like eye exams and dental work!

This $0 premium plan with no networks is so unique that we’ve decided to read all the fine print and put together a review for our readers.

Our Lasso Healthcare MSA Review

When looking at all of the parts of the MSA product, we decided to focus on a few parts:

• How good is the coverage?
• How does the annual deposit work?
• What is the total cost of the plan?
• What is the total financial risk or responsibility if your health went south?
• What doctors are you allowed to see?
• Would we recommend the MSA to our clients?

We’ll go through each topic listed above to help you understand if the Lasso Healthcare MSA product is recommended by our team of local, licensed agents.

Review of the Lasso Healthcare MSA Coverage

When shopping around for health insurance, one of the first questions many have is… how good is the coverage?

Good news! The Lasso Healthcare MSA plan covers all Medicare-approved expenses once you reach your deductible. That means if Original Medicare covers it, then Lasso Healthcare will, too.

Before you hit your deductible, you can use your funded savings account to help cover the cost of expenses.

Keep in mind that all Medicare Supplements and Medicare Advantage products also follow this rule – they also must help cover all Medicare-approved expenses. The general rule of thumb is that they must cover at least the same items as Medicare – if not more.

Review of the Lasso Healthcare MSA Deposit

The MSA is unique in that you get a special medical savings account. Each year, Lasso Healthcare deposits a sum of money into that account, which you can use for any qualified medical expenses!

This is the only product in the Medicare space that actually gives the consumer an opportunity to build up funds. These funds roll over each year, and they’re yours to keep.

In fact, you can even choose to earn interest on the money in your account, giving you another opportunity for growth.

Review of the Lasso Healthcare MSA Plan Cost

The Lasso Healthcare MSA is a $0 premium product, which means you don’t have any monthly cost. That is powerful!

On top of the $0 premium, don’t forget you are given an annual deposit each year, so not only are you saving on premium, but you are building up funds you can use for qualified medical expenses.

PLUS, you can earn gift cards just for completing a health survey, seeing your doctor, and ordering labs.

There is no other product available to seniors today that offers this opportunity.

Review of the Lasso Healthcare MSA Financial Risk

While the Lasso Healthcare MSA is $0 premium, and you’re given an annual deposit, this is a high-deductible product. That means that your responsibility is the difference between the deposit and your deductible.

For example, let’s say your deposit is $3,000, and your deductible is $7,000. That would mean your financial risk is $4,000 for the year.

If you had a bad year health-wise and perhaps had an inpatient hospital stay, you would likely hit your deductible. If that were to happen, could you handle that $4,000 risk?

That answer is very personal and depends on the individual. Many are willing to take that risk because of the potential to save and accumulate funds.

Others aren’t willing to take that risk and prefer the predictability of a Medicare Supplement. 

However, don’t forget that this is a $0 premium product. With a Medicare Supplement, you would be paying a monthly premium. In that case, what is the true difference between what you pay to have a Medicare Supplement and the risk of the MSA?

These are all questions we can help talk through with you if you are interested in learning more.

Review of the Lasso Healthcare MSA Network

Even though the Lasso Healthcare MSA is categorized as a Medicare Advantage product, it actually has no networks. That means you can see any doctor or physician as long as they accept Medicare.

The issue with most Medicare Advantage products is that there is a tight network, so if you travel or are a snowbird, you would be outside of the plan’s network and would not be covered.

With the MSA, that isn’t an issue! We finally have an alternative option for those who like to travel, are snowbirds, or simply love their current doctor and don’t want to find a new one.

Tip: Since the Lasso Healthcare MSA is so new, many providers haven’t heard of it! If you do get the plan and your provider doesn’t know what it is, ask them to call the support number on your card. The representative will fully explain the product and ensure that you are properly billed.

Do We Recommend the Lasso Healthcare MSA?

Here at Sams/Hockaday, we do recommend the Lasso Healthcare MSA. Even the agents here in our office are signing up for this plan as they turn 65. That is truly saying something!

The MSA product is incredibly unique and actually offers up the potential to accumulate funds over time. It’s a great fit for many different kinds of individuals, which makes it an easy product to recommend to our clients. 

In addition, the customer support and service of the Lasso Healthcare team is unmatched. They are quality individuals with a desire to serve, and it shows, especially for those who are enrolled in the plan and need assistance.

This year marks the second year this product has been available, and we couldn’t be more excited! Contact us to learn more by calling us at 217-423-8000 or Schedule an Appointment online!