On the 1st of January, the calendar flips to a new year, many of us embrace fresh starts and renewed resolutions. For those with a Medical Savings Account (MSA), this also means replenished funds and benefits waiting to be utilized wisely.
It’s exhilarating to see your account filled and ready for use. However, it is essential to tread carefully and plan strategically. While the full amount is at your disposal from day one, consider how quickly expenses can pile up later in the year. By preserving these funds now, you will safeguard against unexpected medical costs that could arise down the line. Being proactive can really make a difference.
Easy Tips on How to Stretch Your Medical Savings Account
Find out what your plan includes
Be sure to acquaint yourself with all the benefits, limits, and any additional rules or regulations that may come with your coverage. Your broker will provide you with product information that outlines your coverage and the rates set by suppliers.
Utilize Designated Service Providers
Majority of Medical Aid Schemes offer a list of DSPs that have mutually agreed upon charging negotiated rates for the benefit of their members. This is typically arranged between the medical aid and Network Service Provider, resulting in lower billing rates compared to private service providers. By utilizing DSPs, co-payments can also be avoided by members. For a comprehensive list of DSPs, kindly consult your Glopin healthcare consultant.
Services provided by the pharmacy
Pharmacy clinics offer a variety of services such as flu shots, blood pressure checks, HIV testing, specific vaccines, and over-the-counter medications. Utilizing these services can save you from paying a consultation fee at the doctor’s office.
Consult your pharmacist for advice regarding generic medications. These alternative brands can offer a more affordable option while still containing the same active ingredients, strength, and results as the original brand.
Maximize the use of Prescribed Minimum Benefits and Chronic Benefits.
Individuals with ongoing health issues may opt to have their general practitioner (GP) seek coverage through the Prescribed Minimum Benefits or Chronic Medications Benefits, rather than using funds from their Medical Savings Account (MSA). It is important to familiarize yourself with the benefits included in a PMB situation and utilize the designated service provider to ensure that claims are paid from the medical aid’s risk portion, rather than depleting your MSA.
Screening and Prevention Benefits
If your plan includes preventative screening and lifestyle benefits, make sure to utilize them. These programs can help detect illnesses early and promote healthy habits, ultimately reducing in-hospital expenses and other medical costs.
For tailored advice on navigating your MSA effectively, do not hesitate to reach out to your Glopin Healthcare Consultants broker. They are there to help ensure you get the most value from your medical aid benefits while maintaining financial health throughout the year.
