Medical savings account refers to a type of account funded by employees and used for paying medical bills.
Medical savings account definition (MSA)
Medical savings account refers to a type of account funded by employees and used for paying medical bills. Deposits made into the account are typically tax-deductible.
Medical savings accounts must be paired with a high-deductible health plan (HDHP) and are generally used by self-employed workers. Money left in the medical saving account can be withdrawn but will be taxed. The medical savings account has largely been superseded by the health savings account (HSA).
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