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Medical Savings Accounts

What is a Medical Savings Account?

Medical Savings Accounts are tax-deferred accounts that allow you to save money for medical expenses.

How does a Medical Savings Account Work?

With a medical savings account, your employer or yourself takes money that is currently spent on your health insurance and deposits a portion of it into your Medical Savings Account. Up to $1,400 for an individual and $3,375 for a family can be placed in a medical savings account each year. The other portion of the money will be used to purchase a catastrophic policy that covers medical expenses after you meet a deductible.

Using your Medical Savings Account funds, you pay for your first $1,400 worth of medical bills directly. Medical Savings Account funds can be used to cover any medical expense that is currently tax deductible, such as acupuncture, anesthetist, chiropractor, contact lenses, dentist, eye glasses, medical doctor, psychologist, registered nurse and surgery.

Money that is left over in a Medical Savings Account

Medical savings accounts let keep money that is left over. You have two options for handling unspent Medical Savings Account funds:

  1. You can save money (tax-free) for future medical expenses and the interest that you accrue is also tax-free
  2. You can withdraw money from your Medical Savings Account at the end of the year, but would need to maintain a minimum balance.

Non medical withdrawals would be fully taxed and subject to a 15 percent tax penalty.

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