Once you decide which MSA Plan you want, contact the plan for enrollment information and to join. When you get the enrollment form, fill it out and mail it to the plan, or give it to a plan representative. The plan will tell you how to set up your account with the bank chosen by the plan. You must set up an account before your enrollment can be processed. You’ll get a letter from the plan telling you when your coverage begins.
I chose a Medicare MSA Plan for the first time & changed my mind
You can cancel your enrollment by December 15 of the same year. You still only have until December 7 to join another health or drug plan. After December 7 and up to December 15, you can only return to
Can my Medicare MSA Plan ever cancel my enrollment?
Your plan can cancel your enrollment if one of these events happen:
- You get
- You enroll in a Federal Employee Health Benefits Program (FEHBP) plan.
- You get health care
Benefits [Glossary]from the Department of Defense ( TRICARE) or the Department of Veterans Affairs (VA).
- You get benefits (like an employer or union group health plan) that cover all or part of the yearly MSA deductible permanently.
- You move outside of the service area of the plan, or are temporarily out of the service area for longer than 6 months.
What happens to the money in my account if I leave the plan before the end of the year?
No more money will be added to your account. You’ll need to pay part of the most recent yearly deposit (based on the number of months left in the current calendar year) back to Medicare.
If I die, will my spouse be able to use the money in my account?
Any funds in your account that were deposited before the current calendar year are part of your estate. Part of the most recent deposit (based on the number of months left in the current calendar year) will have to be paid back to Medicare.
What if my beneficiary isn't my spouse?
If you name a beneficiary for your account who isn’t your spouse, the money in it after your death is counted toward that person’s gross income when he or she files that year’s income tax return. If your estate gets the money in your account, it’s counted as gross income on your final tax return.