What is Medical savings account (MSA)?

Whether you're a beginner or an expert, you will find this Glossary useful.

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 Money left in the medical saving account can be withdrawn but will be taxed. The medical savings account has largely been superseded by the health savings account (HSA).



TalentLyft ATS

Your Hiring Teammate

TalentLyft is intuitive and simple recruitment software specialized for SMBs.
Try it free for 14 days!
No credit card required, unsubscribe at any time.