Savings Accounts ( MSAs ) are an excellent way of paying for health
care and saving money. They provide considerable tax savings while
reducing healthcare costs. Patients are free to choose their own
doctors. MSAs can also be used to supplement income at retirement
or in case of disability.
A Medical Savings Account is a tax-exempt account
in which you accumulate savings to pay for medical expenses. Contributions
and income earned on funds in the MSA are 100% TAX FREE. An MSA
allows you to enjoy tax reductions while having affordable premiums
and decreasing your out of pocket expenses without risking your
Who is eligible? Self-employed individuals.
Does the fund increase tax-deferred? Your
savings accumulate from year to year if you don't need or use them
for medical expenses. You earn interest, which is tax-deferred on
your entire balance with a minimum balance of $750. At age 65 you
can use your funds for non-medical reasons, without tax penalties.
Is the plan convenient? There is a company
that provides both your health plan and your MSA resulting in seamless
disbursement of your funds. And, there are no administrative, set-up
or user fees.
You choose how you want to spend your health care
dollars. There is a broader range of health care services eligible
for health expenses not typically paid by most health plans such
are the tax advantages? Contributions are tax-deductible, qualified
withdrawals are tax-free, and earnings are tax-deferred. At age
65, accumulated funds, including interest, can be withdrawn for
non-qualified expenses, without tax penalties.
Are withdrawing funds easy? MSA funds can be withdrawn
to include but not limited to, tax-free and penalty free, to pay
your health insurance deductible, qualified medical expenses and
long term care insurance.
associates are ready to assist.
With Kindest Regards,